Overview
On August 17, 2022, Tax Notes quoted Eric Solomon in a piece titled "Hard Part Begins for IRS and Treasury as Biden Signs Reconciliation Bill." The piece discusses the aftermath of the passing of the Inflation Reduction Act (IRA) and what lies ahead for the Treasury and IRS. The IRA includes many provisions that require guidance from the Treasury and IRS before they take effect, including the corporate book minimum tax.
Solomon said of the corporate book minimum tax, "It will have an effect on the planning and modeling for companies… firms will need to know soon if they are subject to it because it is effective at the start of 2023."
The full article can be read on Tax Notes (subscription required).