Type:Proposed Rule
Citation:89 FR 104909
Reading Time:about 34 minutes
The Internal Revenue Service (IRS), along with the Treasury Department, issued a notice to correct errors in a proposed rule concerning the corporate alternative minimum tax (CAMT). This tax applies to the adjusted financial statement income of certain corporations for tax years starting after 2022. The document outlines specific corrections to previous regulatory proposals to ensure proper tax calculations and clarifications in tax rules. Comments on these updates are welcome until January 16, 2025.
Simple Explanation
The IRS and Treasury Department found some mistakes in their rules about a special tax for big companies and are fixing them, asking people to let them know what they think by January 16, 2025.