IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations
【《We Chinese in America》Media Editor Tang Zhao, December29， 2022】As an ongoing effort to enhance our valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” ， “IRS Fact Sheets”， and “tax tips” directly received from IRS Media Relations Office in Washington, D.C.. We are pleased to take on this important role partnering with IRS to better inform the public.
Treasury, IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations
WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2023-2, which provides interim guidance regarding the application of the corporate stock repurchase excise tax until the issuance of proposed regulations.
The new code section added by the Inflation Reduction Act imposes a 1% excise tax on the aggregate fair market value of stock repurchased by certain corporations during the taxable year, subject to adjustments. The Treasury Department and the IRS have issued Notice 2023-2 to provide certainty to taxpayers in advance of January 1, 2023, the date on which the new excise tax will apply to stock repurchases.
Notice 2023-2 describes certain rules and procedures that the Treasury Department and the IRS intend to include in the forthcoming proposed regulations. Taxpayers may rely upon Notice 2023-2 until the issuance of the forthcoming proposed regulations.
Notice 2023-2 also solicits comments on the rules contained in the notice and certain other issues under consideration. The Treasury Department and the IRS recommend that such comments be submitted within 60 days of the date on which the notice is published in the Internal Revenue Bulletin
Source: IRS News Release
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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