KPMG report: CAMT recent developments—changes to instructions for Schedule K-1
Updated instructions raise questions and may provide tea leaves with respect to the CAMT proposed regulation package expected later this year
Updated instructions raise questions and may provide tea leaves
The IRS on April 9, 2024, provided a post-release change updating the 2023 Partner’s Instructions for Schedule K-1. The updated instructions add to corporations’ and partnerships’ compliance burdens in an already challenging compliance year and indicate that partners (both corporations who are partners and upper-tier partnerships with indirect or direct corporate partners) will be required to request needed corporate alternative minimum tax (CAMT) information and to maintain such CAMT information (as well as the request itself) in the partner’s books and records.
These updated instructions raise several questions and may provide tea leaves with respect to the CAMT proposed regulation package expected later this year.
Read an April 2024 report prepared by KPMG LLP that discusses the recent changes to the instructions for Schedule K-1.
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