The IRS has issued Notice 2024-33, which provides relief for underpayment of estimated tax attributable to a change in a taxpayer's CAMT liability. Taxpayers may be able to reduce their estimated tax payments for the current year if they have a significant increase in their CAMT liability compared to the prior year. This relief is intended to help taxpayers who may have been impacted by the COVID-19 pandemic and other economic changes.
The IRS today released Notice 2024-33 providing a waiver of the addition to tax under section 6655 for underpayment of the 2024 first quarterly installment of estimated income tax due on or before April 15, 2024 (or on or before May 15, 2024, for taxpayers with taxable years beginning in February 2024) to the extent the amount of any underpayment is attributable to a portion of a taxpayer’s corporate alternative minimum tax (CAMT) liability under section 55, as amended by H.R. 5376, commonly called the “Inflation Reduction Act of 2022” (IRA).
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