April 18 2024

US: Underpayment Penalties Waived for Corporate Alternative Minimum Tax

Under Notice 2024-33, the IRS is waiving underpayment penalties for the first quarterly estimated income tax payment for the corporate alternative minimum tax (CAMT) that is due on or before 15 April 2024 or, in the case of a fiscal year taxpayer with a taxable year beginning in February 2024, 15 May 2024 (see Note).

Note: The CAMT was implemented under the Inflation Reduction Act (IRA), which imposes a 15% minimum tax on the adjusted financial statement income (AFSI) of large corporations

Source: IBFD tax research platform news