Guidance on CAMT

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IRS Grants Penalty Relief for CAMT Underpayment of Estimated Corporate Taxes

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently issued a critical update for corporations regarding the Corporate Alternative Minimum Tax (CAMT), a change introduced in the Inflation Reduction Act. This new legislation introduced a CAMT based on a corporation’s adjusted financial statement income effective after December 31, 2022. Under normal circumstances, corporations are required to make quarterly estimated income tax […]

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Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT)

Bailey Scarano Blog / By

Taxes in general can be complicated, and we wanted to break down the recent IRS update concerning corporate taxes, specifically the Corporate Alternative Minimum Tax (CAMT). What is CAMT? CAMT is a supplementary tax imposed on the earnings of large corporations with a three-year average annual income exceeding $1 billion. Small businesses and specific corporate

Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT) Read More »

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