IRS extends limited penalty relief for taxpayers that don’t pay estimated tax on corporate AMT liability
The Internal Revenue Service on June 13 released Notice 2024-47 extending the limited waiver of addition to tax for any underpayment of estimated tax attributable to a taxpayer’s corporate alternative minimum tax (CAMT) that is due on or before August 15, 2024, with respect to a taxable year that began in 2024.
The 15 percent CAMT, which was enacted in the Inflation Reduction Act of 2022 (P.L. 117-169), is imposed on “adjusted financial statement income” of applicable corporations and is effective for taxable years beginning after December 31, 2022.
Find out more
A new alert from Deloitte Tax LLP provides an overview of the notice.
30 Rockefeller Plaza New York, NY 10119-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
