U.S. IRS Provides Penalty Relief for Underpayment of Estimated Income Tax Attributable to Corporate Alternative Minimum Tax Liability

The U.S. IRS has issued Notice 2024-33, providing penalty relief for the underpayment of estimated income tax to the extent attributable to a portion of a corporation's corporate alternative minimum tax (CAMT) liability. The relief is available with respect to the estimated tax due on or before 15 April 2024, or 15 May 2024 for taxpayers with a taxable year beginning in February 2024. The overview and scope are as follows:

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Relief from Certain Additions to Tax for Corporation's Underpa…