IRS GuideWireSeptember 12, 2023

News Essentials

What’s Hot

News Releases

IRS – The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions

IRS Resources

Contact My Local Office

Filing Options

Forms & Instructions

Frequently Asked Questions


Taxpayer Advocate

Where to File

Issue Number:    N-2023-64

Inside This Issue

Notice 2023-64 provides additional interim guidance that is intended to further clarify the application of the new corporate alternative minimum tax (CAMT), as added to the Code by the Inflation Reduction Act of 2022. The Treasury Department and the IRS anticipate that forthcoming proposed regulations will provide rules that are consistent with the interim guidance. Specifically, it describes rules for determining a taxpayer’s applicable financial statement and adjusted financial statement income (AFSI), including rules applicable to tax consolidated groups and certain foreign corporations. It provides rules for AFSI adjustments for the depreciation of section 168 property, the amortization of qualified wireless spectrum, the treatment of certain taxes, and to prevent certain duplications and omissions. It also describes rules regarding the determination of applicable corporation status, the CAMT foreign tax credit, and financial statement net operating losses. Finally, it provides a request for comments and the procedure for submitting such comments.

Notice 2023-64 will be in IRB: 2023-40, dated 10/02/2023.

Back to Top

Thank you for subscribing to IRS GuideWire, an IRS e-mail service. If you are a Tax Professional and have a specific concern about your tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.

This message was distributed automatically from the IRS GuideWire mailing list. Please Do Not Reply To This Message.

This email was sent to by: Internal Revenue Service (IRS) · Internal Revenue Service · 1111 Constitution Ave. N.W. · Washington DC 20535GovDelivery logo