The Inflation Reduction Act established a corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income of large corporations. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. In April, the IRS waived the estimated tax penalty imposed on corporations to the extent that any estimated tax underpayment is attributable to CAMT liability. The IRS has now extended the relief for failing to pay tax owed under the CAMT due on or before Aug. 15 with respect to a taxable year that began in 2024. Contact us for more information.
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