KPMG report: New CAMT guidance in Notice 2023-64 expands scope, increases compliance burdens
A report on the latest guidance on application of the corporate alternative minimum tax
A report on the latest guidance on application of the corporate alternative minimum tax
The U.S. Treasury Department and IRS on September 12, 2023, released Notice 2023-64 providing the latest guidance on application of the corporate alternative minimum tax (CAMT)—a 15% minimum tax on the adjusted financial statement income (AFSI) of corporations whose three-year average annual AFSI exceeds $1 billion.
The notice contains several provisions that make it more likely that a corporation will be in scope and thus possibly have to pay CAMT. In addition, the notice adds to CAMT’s extensive compliance burdens and requirements. But the notice also contains some good news and helpful clarifications for taxpayers.
Read a September 2023 report* prepared by KPMG LLP
*This article originally appeared as a Bloomberg Tax Insight and is provided with permission. Published September 28, 2023. Copyright 2023 Bloomberg Industry Group 800-372-1033. For further use please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/
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