Proposed Regulations on Corporate Minimum Tax Released

As the deadline for filing Beneficial Ownership Information (BOI) reports approaches, only about 20% of businesses have complied, with a final deadline set for January 1, 2025. Taxpayers are also preparing for potential expirations of provisions from the Tax Cuts and Jobs Act (TCJA), notably the $10,000 cap on state and local tax deductions. Tax planning for year-end is in full swing, with financial advisors looking for inefficiencies in clients' returns to optimize tax savings. The introduction of the corporate alternative minimum tax (CAMT) under the Inflation Reduction Act seeks to maintain the integrity of energy tax credits. Additionally, understanding the differences between tax-advantaged accounts like IRAs and annuities can aid in effective retirement planning. Finally, ETFs are generally more tax-efficient than mutual funds due to structural differences in their management and trading practices.