IRS Issues Guidance on New Corporate Alternative Minimum Tax.

The Inflation Reduction Act of 2022 amended § 55 of the Code to impose a new corporate alternative minimum tax, which is based on the "adjusted financial statement income" (AFSI) of an applicable corporation for taxable years beginning after December 31, 2022. On December 27, 2022, the Treasury Department and the IRS issued Notice 2023-7, which provides interim guidance on the application of the new corporate alternative minimum tax. [Extracted from the article]