Under the Inflation Reduction Act, the IRS and Treasury provide advice to insurance companies on the alternative minimum tax


Until proposed regulations are released, the Treasury Department and the Internal Revenue Service have published Notice 2023-20PDF, which offers insurance firms and a few other taxpayers temporary guidance on the new corporate alternative minimum tax (CAMT). The CAMT, which levies a 15% minimum tax on the adjusted financial statement income of major firms for taxable […]

Record-high Inflation

The cost of daily needs like food and petrol is rising due to record-high inflation, so Americans are looking for every opportunity to save money. Taxes are one expense that everyone must pay, though. California has the highest personal income tax in the US, with a top rate of 13.3%, according to Intuit TurboTax. That […]