The IRS has provided a limited waiver for a corporate taxpayer's failure to pay estimated income tax with respect to its corporate alternative minimum tax (AMT) liability.
The relief in Notice 2024-33 applies only for the purpose of calculating a corporation's estimated income tax installment that was due on or before April 15, 2024.
In the case of a fiscal-year taxpayer with a tax year beginning in February 2024, the date is May 15, 2024, with respect to a tax year that began during 2024.
The waiver does not apply when calculating the amounts of installments of estimated income tax of a corporate taxpayer or consolidated group due after the applicable dates of April 15, 2024, or May 15, 2024.
The relief also does not waive the addition to tax under Sec. 6655 if the amount of any underpayment is attributable to Code provisions other than Secs. 55(a) and (b)(2), Sec. 56A, and Secs. 59(k) and (l). Read more.