IRS Issues Additional Book-Income Minimum Tax Guidance
The IRS and the Treasury Department issued guidance on the new corporate alternative minimum tax (CAMT). The additional guidance clarifies how the CAMT applies to consolidated groups and foreign corporations, how depreciable property should be treated and what kinds of financial statements companies can use to show the source of income. The CAMT will require certain large companies to pay a 15% tax on their financial statement income.
IRS Seeks Comments on Dispute Resolution
The IRS asked for comments on how it can address tax dispute resolutions through new programs. Specifically, the IRS seeks respondents’ comments on the scope of programs, how to define eligible taxpayers, time frames, alternative resolution options, etc. Current programs include Dispute Prevention and Resolution for Large Business and International Taxpayers, the IRS Employee Plans Compliance Resolution System and the Voluntary Classification Settlement Program.
Conservative Groups Ask Congress To Pass GOP Tax Bill
Several conservative groups called for Congress to pass the Republican tax package. The organizations, which include Americans for Tax Reform, the National Taxpayers Union and the Taxpayers Protection Alliance, sent a letter to Congress to pass the tax package. The legislation advanced through the Republican-controlled Ways and Means Committee but was halted by New York and California Republican House members who demanded a provision to raise the $10,000 state and local tax deduction limit. The legislation would temporarily increase the standard deduction, revive certain expiring business tax provisions and repeal a change to the 1099-K reporting requirement.
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