The Inflation Reduction Act of 2022 (H.R. 5376), signed by President Biden on August 16, introduces a new corporate alternative minimum tax (CAMT) that is imposed on the adjusted financial statement income (AFSI) of certain corporations. Generally, affected organizations include corporations reporting at least $1 billion average adjusted pre-tax net income on their consolidated financial statements. The statute leaves many questions as to how this new regime will operate, and this uncertainty makes the forthcoming guidance from Treasury especially consequential in how the law will be applied to taxpayers.
KPMG LLP is pleased to invite you to a 90-minute webcast that will explore the complicated CAMT legislative language and outline the potential implications that in-scope companies should be considering while awaiting regulatory guidance. Senior professionals from the KPMG Washington National Tax practice will discuss:
- An overview of the new minimum tax regime
- How AFSI is calculated
- Implications for multinational companies, including those who are foreign headquartered
- Areas to be addressed by regulatory guidance.