Immediate guidance is needed regarding the financial reporting requirements of the new corporate alternative minimum tax (AMT) provisions mandated by the Inflation Reduction Act. That is what the American Institute of Certified Public Accountants (AICPA) told the IRS and Treasury officials in a letter. “Companies focused on financial statement reporting will face a challenge unless guidance is available by the time the impact will need to be disclosed within the financial statements for the first quarter of 2023,” the AICPA said. In addition, companies need guidance so they can properly make estimated tax payments beginning next April. To read the letter: https://bit.ly/3SgrU8X
