IRS Issues Waiver on Corporate Alternative Tax Penalties (1)

The IRS has provided a waiver for penalties for underpayments of the corporate alternative minimum tax, in guidance released the day penalties would have started accruing for many taxpayers after a 2023 penalty waiver ended.

Issued Monday morning, Notice 2024-33 provides a limited waiver for underpayment of a corporation’s CAMT liability.

It waives penalties for failing to pay taxes owed under CAMT for this year’s first quarterly installment of estimated income tax due on or before April 15—or on or before May 15 for taxpayers with taxable years beginning in February.

“This will be welcome by larger corporations that were ...