On 27 December 2022, Treasury and the IRS released Notice 2023-7 ("Notice"), the first installment of interim guidance on the corporate alternative minimum tax (CAMT), added as part of the Inflation Reduction Act (IRA). The guidance covers what the IRS considers to be "time-sensitive" CAMT issues intended to be addressed in forthcoming proposed regulations. The CAMT is effective for tax years beginning after 31 December 2022 and, therefore, is already effective for calendar-year corporate taxpayers. The Treasury and IRS intend on issuing additional guidance before anticipated proposed regulations, and they also intend on addressing issues not addressed in these series of notices in the proposed regulations.
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