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June 28, 2024

IRS finalizes regulations on procedure for reporting and payment of stock repurchase excise tax

On June 28, 2024, the IRS and Treasury Department released final regulations (TD 10002) on how covered corporations must report and pay the stock repurchase excise tax, which imposes a 1% surcharge on certain corporate stock buybacks occurring after December 31, 2022. The final regulations adopt the proposed regulations, which were released in April 2024, with some modifications (see Tax Alert 2024-0785). The final regulations apply to stock repurchase excise tax returns required to be filed after the date the final regulations are published in the Federal Register. A Tax Alert is forthcoming.

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Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor