When Taxes Collide: Can Book Tax, Global Minimum Tax Play Nice?

The Treasury Department, Congress, and big US companies are wondering about how best to fit a domestic-tax square peg into an international-tax round hole.

They face two overlapping but distinct corporate minimum taxes coming down the pike—the new US minimum tax on book income and the pending global minimum tax—that aren’t consistent with each other. There’s been no sign that the US tax will be accepted as part of the global system, and Treasury officials say there’s only so much they can do to make the two mesh together.

That is leaving companies in the dark about how to prepare, ...