The IRS has provided another limited waiver of the addition to tax for a corporate taxpayer's failure to pay estimated income tax concerning its Sec. 55 corporate alternative minimum tax (AMT) liability.
Notice 2024-47, issued Thursday, July 13, extends the relief provided in Notice 2024-33, which waived the estimated tax penalty imposed for a corporation's failure to pay part of the estimated income tax attributable to the revised corporate AMT under Sec. 55.
That earlier waiver applied to an installment of estimated tax due on April 15, 2024, or May 15, 2024, for a tax year beginning in 2024.
With the new waiver, the relief from addition to tax under Sec. 6655 is extended to any installment of estimated tax by a corporate taxpayer for a tax year beginning in 2024 that is due on or before Aug. 15, 2024. Learn more.