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New US interim CAMT guidance offers welcome relief from possible double-counting of CFC earnings in AFSI, but possible compliance burdens

|Tax Alerts, Legislation & Policy, Na ...|United States
United States

  • Notice 2024-10 provides highly anticipated guidance on the corporate alternative minimum tax (CAMT) impact of distributions from controlled foreign corporations (CFCs) to U.S. Shareholders and other CFCs.
  • The Notice also modifies and clarifies the rules in Notice 2023-64 for determining the applicable financial statement (AFS) of a corporation that is included in a consolidated tax return.
  • Taxpayers…

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