 Internal Venizers, IRS Tax News, Treasury, IRS Issue Interim Guidance on New Corporate Alternative Minimum Tax. More guidance from the IRS, honestly. Why does it feel like I'm being led through a giant labrath by a shifty eyed minotaur? I mean, there's gotta be a better way to find my daily bread. Of course I could get a hell of a good look at a T-Bone steak by sticking my head up on the bull's-ass, but I'd rather take the butcher's word for it. Ha ha ha, bull's-ass. A butcher! Why didn't I think of that? Probably due to the pressure exerted on my brain from the less productive discovery method. Anyways, I R-2022-229, December 27, 2022, Washington, the Treasury Department and the Internal Revenue Service today issued notice 2023-07. There's a link to that here, which provides interim guidance regarding the application of the New Corporate Alternative Minimum Tax, C-A-M-T, until the issuance of proposed regulations. The Inflation Reduction Act, we keep seeing that. I see that all the time when I'm reading the IRS News here, and every time I see it because of the words that are in the title, I feel like it's gonna have something to do with inflation reduction. But no, that's just, it's just a confusing title that makers of bills try to do just to kind of confuse things. So it's just one of those things you have to know, like the name of bills, although they look like they're intentionally designed to tell you something about the bill itself, they really don't. So you have to just know that. Any case, the Inflation Reduction Act created the C-A-M-T, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31st, 2022. The C-A-M-T generally applies to large corporations with average annual financial statement income exceeding $1 billion. The Treasury Department and the IRS have issued notice 2023-7 to provide certainty to taxpayers in advance of the C-A-M-T effective date. In particular, notice 2023-7 clarifies which corporations the C-A-M-T applies to and how the alternative minimum tax is calculated. It also provides taxpayers with answers to basic questions about how certain transactions may be treated and certain adjustments that may be taken into account for purposes of the alternative minimum tax, including adjustments for depreciation and certain tax credits. Critically, it also gives smaller corporations an easy method for determining that the new alternative minimum tax does not apply to them. So that's kind of a confusing sentence. I'm a little skeptical on the ease of the calculations with relation to alternative minimum tax, especially consideration, the complexity of that particular sentence to try to tell us about the ease of the alternative minimum tax. But I would assume the idea would be that you can easily determine, hopefully, whether or not the alternative minimum tax applies if you're a smaller type of corporation. Notice 2023-7 also solicits comments on the rules contained in the notice and certain other issues under consideration. The Treasury Department and the IRS recommend that such comments be submitted within 60 days after the date on which notice 2023-7 is published and the Internal Revenue Bulletin. So I think sometimes, I mean, people might want to ask, like on a lot of this stuff, how exactly this ties into the, I mean, it may, you can, you can make an argument. I'm not saying you can't, but I'm saying for all of the stuff that we've seen rolling out for some time, every other news from the IRS has something to do with the Inflation Reduction Act. I kind of feel like we should be asking them every time they tell us a news thing, how exactly it's reducing inflation. Again, they can probably, you can make an argument, but let's hear the, let's hear the argument because the title seems to, it's, I swear it seems to indicate, and I feel like we should have justifications within the explanations as to how it ties into what you would think the title would imply that the bill was supposed to do. But any case, there'll be a link to that here. There'll be a link to this in the description.