The Basic Accounting for the Corporate AMT

The accounting for AMT is pretty much consistent with what has been done in the past. There are already two different aspects that need to be considered associated with AMT valuation allowance. A company may elect to consider its AMT status when evaluating its deferred tax assets under its regular tax regime. Any initial allowance is required to be recognized in the period of enactment of the law, which in this case was August 2022.