News & Analysis as of July 23, 2025

Alternative Minimum Tax › Income Taxes

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The Alternative Minimum Tax is an aspect of the United States federal tax code that seeks to capture a minimum level of revenue from all taxpayers and to ensure that some earners are not escaping tax liability through certain tax breaks or deductions. Liability under the AMT is calculated by adding certain deductions back into an individual's adjusted gross income, subtracting the AMT exemption and then, paying a percentage of the remaining figure. less -

One Big Beautiful Bill Locks in Tax Cuts, Tweaks SALT and Adds New Deductions

Miller Canfield on 7/9/2025

The One Big Beautiful Bill (OBBB) cements many individual tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) including permanent lower income tax rates and a doubled standard deduction. The bill passed on July 3 and...more

One Big Beautiful Bill Act: Key Tax Impacts for Businesses

Vinson & Elkins LLP on 7/9/2025

On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance...more

Client Alert: The Senate’s Other Big Beautiful Bill – Notable Changes to the House Version

Whiteford on 6/30/2025

The House of Representatives previously passed H.R. 1-119th Congress (2025-2026), titled the “One, Big, Beautiful Bill Act” (the “Act”), a budget bill that, among other things, addresses sunsetting provisions of the Tax Cuts...more

Countdown to Tax Changes: Navigating Budget Reconciliation 2025

Lippes Mathias LLP on 3/19/2025

As the clock ticks down to the end of 2025, the impending sunset of key provisions of the Tax Cuts and Jobs Act (“TCJA”) looms large, threatening tax hikes for millions of Americans. With Congress at a crossroads, the...more

How Often to Review Your Trust and Estate Plan

Allen Barron, Inc. on 2/26/2025

How often should you review your trust and estate plan? Is there a regular cycle to these reviews, or should they be driven by significant events in your life or the lives of your beneficiaries and executor or trustee? How...more

The Corporate AMT’s Crypto Problem Poses Constitutional Hazards

Latham & Watkins LLP on 1/16/2025

Under recent accounting rule changes, unrealized crypto gains must generally be reported on income statements, but questions arise about the alignment of the new Corporate Alternative Minimum Tax with constitutional tax...more

CAMT Claus Is Staying In Town?

Vinson & Elkins LLP on 12/19/2024

Lawmakers have been making their lists and checking them twice, and soon we will find out who’s been naughty or nice. However, taxpayers and their advisors wishing for a repeal of the corporate alternative minimum tax in 2025...more

Unlocking the Power of Equity-Based Incentive Compensation: An Overview of Incentive Stock Options (ISOs)

Foley & Lardner LLP on 8/28/2024

This article is the third in our series on equity-based compensation intended to assist employers with answering a common question: What type of equity compensation award is best for our company and our employees?...more

Mixed Opinions on Penalty Relief for Corporate AMT Taxpayers

Cadwalader, Wickersham & Taft LLP on 5/29/2024

On April 15, the IRS released Notice 2024-33 (the “Notice”), offering limited relief from tax penalties for underpaying estimated income taxes arising from a corporation’s alternative minimum tax (“AMT”). The AMT imposes a...more

Budget fédéral 2024 : Présentation de certaines mesures fiscales

Blake, Cassels & Graydon LLP on 4/25/2024

Le 16 avril 2024 (le « jour du Budget »), le gouvernement du Canada a présenté son budget fédéral de 2024 (le « Budget 2024 »). Bien que le principal élément du Budget 2024 soit une proposition visant à faire passer le taux...more

2024 Federal Budget: Selected Tax Measures

Blake, Cassels & Graydon LLP on 4/22/2024

On April 16, 2024 (Budget Day), the Government of Canada released its 2024 federal budget (Budget 2024). While the biggest headline item in Budget 2024 is a proposal to increase the capital gains inclusion rate from one-half...more

CAMT round three: The IRS and Treasury release third round of substantive CAMT guidance

Eversheds Sutherland (US) LLP on 9/22/2023

On September 12, 2023, the Internal Revenue Service (IRS) and Department of the Treasury (Treasury) released a third substantive piece of guidance, Notice 2023-64 (Notice) clarifying the application of the new corporate...more

The Alternative Minimum Tax Goes Mainstream

Bennett Jones LLP on 4/17/2023

The 2023 Budget proposes material changes to the alternative minimum tax (AMT) regime which, as discussed below, could result in significant increases to taxes on capital gains (i.e.,5-6 percentage points). Although...more

Budget fédéral 2023 : Présentation de certaines mesures fiscales

Blake, Cassels & Graydon LLP on 4/4/2023

Le 28 mars 2023 (le « jour du Budget »), la ministre des Finances du Canada a présenté le budget fédéral de 2023 (le « Budget 2023 »). Même si certains avaient prédit que le programme législatif chargé du ministère des...more

Notice 2023-7 Provides Initial Guidance Regarding the Corporate Alternative Minimum Tax

Cadwalader, Wickersham & Taft LLP on 1/31/2023

On December 27, 2022, Treasury issued Notice 2023-7, which provides guidance regarding the new Corporate Alternative Minimum Tax (“CAMT”) that taxpayers can rely on until Treasury publishes additional guidance. As mentioned...more

[Hybrid Event] The New Corporate AMT and Attorney/Client Privilege: Why Your Attorney Should Hire Your Accountant - January 12th,...

Vinson & Elkins LLP on 12/29/2022

The new corporate alternative minimum tax (“CAMT”) generally applies to corporations with 3-year average “book” income in excess of $1 billion. Thus whether a corporation owes CAMT may depend on positions taken under GAAP....more

US Inflation Reduction Act – Corporate Minimum Tax and Stock Repurchase Excise Tax

Mayer Brown Free Writings + Perspectives on 9/1/2022

If you thought the recent price increase at your neighborhood store was inflation’s last flop, think again. The Inflation Reduction Act (“IRA”), which was signed into law by President Biden on August 16, 2022, is estimated to...more

Signed, sealed, delivered: Biden signs Inflation Reduction Act enacting “new” corporate minimum tax

Eversheds Sutherland (US) LLP on 8/18/2022

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the IRA) into law. Among the most notable IRA provisions is a 15% corporate alternative minimum tax on corporations with book profits...more

Senator Manchin Announces That He Will Not Support the Build Back Better Act – Where Things Stand Now

Proskauer - Tax Talks on 12/20/2021

Yesterday, on December 19, 2021, Senator Joe Manchin (D., W.Va.) said that he opposes the Build Back Better Act, which effectively prevents its passage. While there are no immediate prospects for the Build Back Better Act to...more

Revised U.S. Tax Proposals Will Affect Foreign Investment

Davies Ward Phillips & Vineberg LLP on 11/9/2021

The U.S. House Committee on Rules recently released an updated version of the Build Back Better Act (Act) to reflect the White House’s Build Back Better framework (Framework) announced on the same day (October 28, 2021). ...more

New York Is Poised For Some Significant Tax Increases

Rivkin Radler LLP on 3/30/2021

Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured...more

Does a Qualified Charitable Distribution Make Sense This Year?

Adler Pollock & Sheehan P.C. on 12/7/2020

A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more

The Reintroduction of Net Operating Loss - A Pepper Hamilton and Financial Executives Alliance Webinar

Troutman Pepper Locke on 6/26/2020

Recent law changes can provide portfolio company liquidity and/or require reconsideration of 2018–2020 deals. During this webinar, Steven D. Bortnick and Todd B. Reinstein, partners in the Tax and Estates Practice Group of...more

Surf’s Up, Dude! High Tech Tax Solutions for High Tech Workers! - Tax Planning Solutions for the Exercise of Incentive Stock...

Gerald Nowotny - Law Office of Gerald R.... on 5/20/2020

I remember the first time that I signed onto the internet. It was 1998 and I had just started work for Deloitte and Touche in Boston. My boss was traveling on my first day with the company,so I had to entertain myself...more

IRS Issues Guidance Regarding Net Operating Loss Carryback Waivers and Refunds Under the CARES Act | Blogs | Coronavirus Resource...

Foley & Lardner LLP on 4/16/2020

On April 9, 2020, the IRS issued: Rev. Proc. 2020-24, which provides guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) relating to relinquishment of certain net operating loss (NOL)...more

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Alternative Minimum Tax › Income Taxes

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