Enacted as part of the Inflation Reduction Act of 2022 (the “Act”), the US Corporate Alternative Minimum Tax (“CAMT”) is in effect for all tax years beginning after December 31, 2022, but the IRS and taxpayers alike continue to learn more about the contours and pitfalls of the CAMT. Although initially expected to affect only the largest multinational corporations, the application of certain aggregation rules as described in recent IRS guidance may cause many more corporations to become subject to the CAMT than initially expected and will subject even more to CAMT-related compliance.
The CAMT is intended to impose a ...
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