In a letter to the IRS and Treasury, the AICPA requested immediate guidance on various provisions of the new corporate alternative minimum tax (AMT), enacted as part of the Inflation Reduction Act that Congress passed in August.
Companies will struggle with reporting the impact of the minimum tax in financial filings given the number of significant issues delegated to the Treasury, the AICPA said. The letter states that companies focused on financial statement reporting will face a greater challenge without further guidance.
Companies also need immediate guidance to properly make estimated tax payments beginning April 2023, the AICPA urged in the letter.