Corporate alternative minimum tax

The Inflation Reduction Act of 2022 created the corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022.

CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion.

News releases

IR-2024-277, Treasury, IRS grant filing exception for tax-exempt organizations from filing new Form 4626, Alternative Minimum Tax - Corporations (Oct. 23, 2024)

IR-2024-235, IRS issues proposed regulations for corporate alternative minimum tax (Sept. 12, 2024)

IR-2023-241, IRS clarifies rules for corporate alternative minimum tax (Dec. 15, 2023)

IR-2023-167, IRS clarifies rules for new corporate alternative minimum tax (Sept. 12, 2023)

IR-2023-110, IRS grants penalty relief for corporations that did not pay estimated tax related to the new corporate alternative minimum tax (June 7, 2023)

IR-2023-30, IRS and Treasury provide guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act (Feb. 17, 2023)

IR-2022-229, Treasury, IRS issue interim guidance on new corporate alternative minimum tax (Dec. 27, 2022)

Notices

Notice 2024-47, Extended Relief from Certain Additions to Tax for Corporation’s Underpayment of Estimated Income Tax under Section 6655

Notice 2024-33, Relief from Certain Additions to Tax for Corporation’s Underpayment of Estimated Income Tax under Section 6655

Notice 2024-10, Additional Interim Guidance Regarding the Application of the Corporate Alternative Minimum Tax under Sections 55, 56A, and 59 of the Internal Revenue Code

Notice 2023-64, Additional Interim Guidance Regarding the Application of the Corporate Alternative Minimum Tax under Sections 55, 56A, and 59 of the Internal Revenue Code

Notice 2023-42, Relief from Certain Additions to Tax for Corporation’s Underpayment of Estimated Income Tax under Section 6655

Notice 2023-20, Interim Guidance Regarding Certain Insurance Related Issues for the Determination of Adjusted Financial Statement Income under Section 56A of the Internal Revenue Code

Notice 2023-07, Initial Guidance Regarding the Application of the Corporate Alternative Minimum Tax under Sections 55, 56A, and 59 of the Internal Revenue Code