December 29, 2022
BREAKING TAX NEWS | IRS releases interim guidance on excise tax on certain corporate stock buybacks
The IRS has released interim guidance (Notice 2023-2) on the excise tax under IRC Section 4501, enacted by the Inflation Reduction Act, that imposes a 1% surcharge on certain corporate stock buybacks. This provision applies to repurchases after December 31, 2022. Notice 2023-2 provides interim guidance until proposed regulations are issued. A Tax Alert is forthcoming.
Published by NTD's Tax Technical Knowledge Services group; Carolyn Wright, legal editor