More Corporate Book-Tax Rule Clarity Needed, Law Firm Tells IRS

The IRS must give more clarity on what transactions would be excluded from calculating a company’s income for the corporate alternative minimum tax, Miller & Chevalier Chartered said.

The law firm’s Oct. 20 letter on behalf of an unnamed client comes as the IRS and Treasury Department are making a sweeping attempt to address business complaints over the proposed rules on the 15% corporate book-income tax. The revisions intend to reduce complexity and give taxpayers greater flexibility.

The CAMT regulations proposed in September 2024 provide rules that apply to determine adjusted financial statement income for certain domestic corporate transactions. But ...