The IRS Large Business and International (LB&I) Division has issued a release announcing the approval of five additional compliance campaigns. These include:
Restoration of Sequestered AMT Credit Carryforward
LB&I is initiating a campaign for taxpayers improperly restoring the sequestered Alternative Minimum Tax (AMT) credit to the subsequent tax year. Refunds issued or applied to a subsequent year's tax, pursuant to IRC Section 168(k)(4), are subject to sequestration and are a pe…