2024 Form 4626 Alternative Minimum TaxCorporations-2025

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The document is Form 4626 for the Alternative Minimum Tax (AMT) applicable to corporations, issued by the Internal Revenue Service. It outlines the requirements for corporations to determine their status as 'applicable corporations' under specific tax regulations, including details on financial reporting, adjustments, and calculations necessary for compliance with AMT provisions. The form includes sections for reporting net income or loss, adjustments related to foreign taxes, and information regarding controlled groups and foreign-parented multinational groups.

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Do corporations have to file form 8938?

Certain domestic corporations, partnerships, and trusts that are considered formed or availed of for the purpose of holding, directly or indirectly, specified foreign financial assets (specified domestic entities) must file Form 8938 if the total value of those assets exceeds $50,000 on the last day of the tax year or

What is the AMT exemption for 2024?

The AMT exemption amount for 2024 is $85,700 for singles and $133,300 for married couples filing jointly (Table 3).

Is there an Alternative Minimum Tax for corporations?

The Inflation Reduction Act of 2022 created the corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations for taxable years beginning after Dec. 31, 2022.

Is form 4626 required for corporations?

Unless a filing exclusion applies, a corporation must file Form 4626 to determine whether it is an applicable corporation and, if it is classified as an applicable corporation, to calculate CAMT.

Is a corporation not subject to the AMT?

Corporate AMT Repealed The Tax Cuts and Jobs Act repealed the AMT on corporations. Conforming changes also simplified dozens of other tax code sections that were related to the corporate AMT. The TCJA also allows corporations to offset regular tax liability by any minimum tax credit they may have for any tax year.

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How do you know if you are subject to Alternative Minimum Tax?

The AMT is the excess of the tentative minimum tax over the regular tax. Thus, the AMT is owed only if the tentative minimum tax for the year is greater than the regular tax for that year. The tentative minimum tax is figured separately from the regular tax.

Is form 966 required for C Corp?

C corporations are the standard type of corporations, and they must file Form 966 if they choose to dissolve or liquidate. S corporations: S corporations that were previously C corporations and have converted to S corporation status can also use Form 966 to report their dissolution or liquidation.

Do all corporations need to file form 4626?

The 2024 instructions to Form 4626 confirm that all corporations are required to file Form 4626 unless the corporation is an S corporation, a regulated investment company (RIC), a real estate investment trust (REIT), a tax-exempt entity that is not required to file Form 990-T (Exempt Organization Business Income Tax

2024 Form 4626 Alternative Minimum TaxCorporations-2025

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Do corporations have to file form 8938?

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Is there an Alternative Minimum Tax for corporations?

Is form 4626 required for corporations?

Is a corporation not subject to the AMT?

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How do you know if you are subject to Alternative Minimum Tax?

Is form 966 required for C Corp?

Do all corporations need to file form 4626?

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