KPMG report: Initial observations on round 4 of CAMT guidance in Notice 2023-64
Key takeaways, analysis, and observations of the additional interim guidance of the new CAMT
Key takeaways, analysis, and observations of the additional interim guidance
The U.S. Treasury Department and IRS on September 12, 2023, released Notice 2023-64 providing additional interim guidance on application of the new corporate alternative minimum tax (CAMT) created by the “Inflation Reduction Act of 2022.” The CAMT, which generally imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations whose three-year average annual AFSI exceeds $1 billion, applies for tax years beginning after December 31, 2022.
The Notice clarifies and supplements Notice 2023-7 and Notice 2023-20, issued earlier this year. Treasury has also released a draft version of the 2023 Form 4626, which was released without accompanying instructions but illustrates the extensive CAMT reporting that will be required for 2023, including by corporations that are not applicable corporations and applicable corporations without a CAMT liability.
Read a September 2023 report [PDF 1.1 MB] (32 pages) prepared by KPMG LLP that provides key takeaways, analysis, and observations of the additional interim guidance of the new CAMT provided in Notice 2023-64
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