17 Jan 2023
IRS Priority: Guidance Regarding Repurchase of Corporate Stock
Part of the IRS’s 2022-2023 Priority Guidance Plan includes providing guidance under the provisions of the Inflation Reduction Act (Pub. L. No. 117-169) regarding computation and reporting of the excise tax under I.R.C. § 4501 on the repurchase of corporate stock. Issuing Notice 2023-3 in the last days of 2022, IRS addressed application of the new excise tax on repurchases of corporate stock, providing taxpayers with interim guidance until publication of the proposed regulations. IRS promises in a Treasury Press Release that guidance is coming regarding other provisions of the Inflation Reduction Act.
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Practical Guidance Updates
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- Tax Key Legal Developments Tracker (Federal)
Stay informed on new developments:- Business Entities. IRS provides temporary relief procedures for certain foreign financial institutions (FFIs) required to report U.S. taxpayer identification numbers for certain preexisting accounts as defined in an applicable Model 1 intergovernmental agreement. R.S. Notice 2023-11.
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