On the same day many company installments were due, the IRS and Treasury granted limited penalty relief for underpaying estimated tax installments based on the corporate alternative minimum tax. Although this relief was strongly sought, taxpayers would have preferred a longer duration of penalty waiver. A&M Tax Managing Director, Kevin M. Jacobs shares his viewpoint on the structure of the relief and discusses what taxpayers can anticipate in the forthcoming proposed regulations.
Originally published by 09 May, 2024
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