Forthcoming Domestic Guidance
On the domestic front, officials confirmed that a number of high-priority projects are moving toward proposed or final regulations. According to Julie Bolton, associate chief counsel for Income Tax & Accounting, and Philip Lindenmuth, executive counsel to the Chief Counsel, practitioners can expect a comprehensive package of regulations for the Corporate Alternative Minimum Tax (CAMT) around the end of the year.
This package will incorporate interim guidance from previous notices and address public comments on compliance burdens and fair value issues. For research and development expenditures under IRC § 174, teams are actively working through comments on software development and contract research definitions.
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