This policy was so difficult to implement that even Biden's Treasury Department could not finalize regulations after two years of the law being enacted. That's why I was pleased, Secretary, to see that The IRS last week released guidance that provides relief from the KMT. The guidance provides tax penalty relief for the 2025 year. But perhaps more importantly, the IRS announced that it will not finalize the Biden administration's proposed KMT regulations in their current form, but will instead issue additional guidance in response to taxpayer comments. (01:32–01:37)
CLAIM
Asserts that the IRS released guidance providing relief from the CAMT.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
