Federal Tax, Tax

New Corporate Alternative Minimum Tax

The Inflation Reduction Act created a new corporate alternative minimum tax (CAMT) that imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning in 2023. Large corporations, including insurance companies, with average annual adjusted financial statement income exceeding $1 billion are the taxpayers generally affected by the CAMT. With Notice 2023-20, the IRS provides interim guidance for the CAMT. Among other things, the notice provides for the determination of adjusted financial statement income as it relates to variable contracts and similar contracts. To read Notice 2023-20: https://bit.ly/3ZfdqKJ . Questions? Reach out to Cg.  © 2023