IRS News Release: Tax-Exempt Organizations Exempted from Filing Corporate AMT Form 4626 for 2023 (IRC §56A)

Tax-exempt organizations are exempted from the obligation to file Form 4626, Alternative Minimum Tax—Corporations, for tax year 2023 to give taxpayers and the IRS time to consider the comments on the proposed CAMT regulations (REG-112129-23 (89 Fed. Reg. 75,062 (Sept. 13, 2024)), including comments relating to reporting for tax-exempt entities and on the application of the simplified method for tax-exempt entities, the IRS announced. Notice 2023-7 and REG-112129-23 provided a simplified method for determining whether a corporation is an applicable corporation but did not address the specific AFSI adjustment for tax-exempt organizations. The Inflation Reduction Act of ...