The Treasury Department and IRS recently announced that tax-exempt organizations are exempt from filing Form 4626, Alternative Minimum Tax – Corporations, for the 2023 tax year.
The decision follows concerns that the new 15% corporate alternative minimum tax (AMT), introduced by the Inflation Reduction Act of 2022, could inadvertently affect smaller companies.
The IRS clarified that while tax-exempt organizations must retain Form 4626 for record-keeping to assess potential AMT liability, they are not required to file it for 2023, providing them more time to adapt to the new regulations. Read more.