In a December 27 announcement, the Treasury Department and the Internal Revenue Service (IRS) issued Notice 2023-7, which provides interim guidance for the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations. The CAMT may impact some larger agencies with average annual financial statement income exceeding $1 billion. Foreign-parent companies would also be subject to the $1 billion threshold so long as their U.S.-connected income exceeds $100 million.

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