The IRS has issued Notice 2024-47, providing relief for underpayment of estimated tax attributable to a corporate alternative minimum tax (AMT) liability. This relief is available for taxpayers who have filed their 2023 tax returns and have an AMT liability for the 2023 tax year. The notice also provides guidance on how to claim this relief and the deadline for doing so.
The IRS today released Notice 2024-47 providing a waiver of the addition to tax under section 6655 for underpayment of the 2024 second quarterly installment of estimated income tax due on or before August 15, 2024, with respect to a taxable year that began during 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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