No Penalty for Failure to Pay Estimated Tax on CAMT, IRS Says

The IRS says it will waive penalties for this year for any companies who aren’t making estimated-tax payments related to the new corporate alternative minimum tax.

Companies that pay estimated taxes do so in quarterly installments that are each supposed to be 25% of their annual payment. But in light of challenges involved in determining whether a company is subject to CAMT and how much in CAMT it must pay, the IRS will waive additions to tax under Section 6655 with respect to a company’s CAMT liability for any taxable years that begin in 2023, the IRS said in a ...