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IRS Newswire December 27, 2022
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Issue Number: ???IR-2022-229
Inside This Issue
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*Treasury, IRS issue interim guidance on new corporate alternative minimum tax*
WASHINGTON ? The Treasury Department and the Internal Revenue Service today issued Notice 2023-7 [ [link removed] ], which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.
The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022.? The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. The Treasury Department and the IRS have issued Notice 2023-7 to provide certainty to taxpayers in advance of the CAMT effective date.
In particular, Notice 2023-7 clarifies which corporations the CAMT applies to and how the alternative minimum tax is calculated.?It also provides taxpayers with answers to basic questions about how certain transactions may be treated and certain adjustments that may be taken into account for purposes of the alternative minimum tax, including adjustments for depreciation and certain tax credits. Critically, it also gives smaller corporations an easy method for determining that the new alternative minimum tax does not apply to them.
Notice 2023-7 also solicits comments on the rules contained in the notice and certain other issues under consideration. The Treasury Department and the IRS recommend that such comments be submitted within 60 days after the date on which Notice 2023-7 is published in the Internal Revenue Bulletin.
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