【《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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【《We Chinese in America》Media Editor Tang Zhao, December 28, 2022】As a valuable service to We Chinese in America website readers, We Chinese in America website posts English and Chinese versions of “IRS News Release” and “IRS Fact Sheets” 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 interim guidance on new corporate alternative minimum tax
IR-2022-229, Dec. 27, 2022
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Notice 2023-7, which provides interim guidance regarding the application of the new corporate alternative minimum tax (CAMT) until the issuance of proposed regulations.
The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after December 31, 2022. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. The Treasury Department and the IRS have issued Notice 2023-7 to provide certainty to taxpayers in advance of the CAMT effective date.
In particular, Notice 2023-7 clarifies which corporations the CAMT applies to and how the alternative minimum tax is calculated. It also provides taxpayers with answers to basic questions about how certain transactions may be treated and certain adjustments that may be taken into account for purposes of the alternative minimum tax, including adjustments for depreciation and certain tax credits. Critically, it also gives smaller corporations an easy method for determining that the new alternative minimum tax does not apply to them.
Notice 2023-7 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 after the date on which Notice 2023-7 is published in the Internal Revenue Bulletin.
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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【《We Chinese in America》Media Editor Tang Zhao, December 26, 2022】Per he death of Stephen “tWitch” Boss’ by suicide last week was a shock and heartbreaking to millions. It also serves as a sad and poignant reminder many people struggle with mental health challenges, but often suffer in silence.(Photo credit: County of San Diego Communications Office)
The acclaimed dancer, choreographer, actor, and producer is well-known for his time on the popular television series So You Think You Can Dance and The Ellen DeGeneres Show, as well as for his roles in high-profile films and shows, including Step Up All In, Magic Mike XXL, Disney’s Fairy Tale Weddings, and Modern Family. Boss, 40, is survived by his wife Allison Holker Boss and his three children Zaia, Maddox and Weslie.
“The tragedy of Boss’ death brings visibility and attention to mental health and suicide, which are subjects that can be difficult to talk about, especially within communities of color, and particularly amongst Black Americans,” said Andrew Strong, director of the County of San Diego Office of Equity and Racial Justice.
“Although members of the Black community are at an increased risk of developing mental health issues due to numerous historical, economic, social, and political factors [that systemically expose Blacks to factors known to be damaging to psychological and physical health], many do not get connected to the mental health services they need,” Strong added.
The statistics are startling.
“Research indicates Black men who experience feelings of anxiety or depression are about half as likely to seek counseling as their non-Black peers,” said Dr. Luke Bergmann, director of Behavioral Health Services at the County Health and Human Services Agency.
In 2019, the U.S. Department of Health and Human Services found suicide was the leading cause of death for African Americans between the ages of 15 and 24 and the death rate was four times greater for Black men than Black women. They are also more likely to experience symptoms:
- African Americans are 20% more likely to experience serious psychological distress, such as major depressive disorder, than other racial groups, according to the National Institute on Minority Health and Disparities.
- Black adults are more likely than white adults to experience persistent symptoms of emotional distress, such as sadness, hopelessness and feeling that they must dedicate extra effort to everything they do, according to the U.S. Department of Health and Human Services Office of Minority Health.
- Between 2015 and 2018, rates of major depressive disorder in young Black adults—ages 18 to 25—increased by more than 3%, yet Black Americans of all age groups were less likely to seek treatment than white Americans, according to the Substance Abuse and Mental Health Services Administration.
Psychologists and other behavioral health professionals are making great strides towards developing more tailored programming to support the mental health of Black men specifically, but there is still much work to be done. Dr. Howard Stevenson, Director of the Racial Empowerment Collaborative at the University of Pennsylvania and a national expert on racial stress and racial trauma, perhaps discussed this best.
“We should place less emphasis on whether Black men are resistant to therapy and more on understanding the contexts in which they already feel comfortable talking about their feelings and traumas. If a Black man is able to find a treatment that is culturally responsive, that he understands, and that embraces the uniqueness of his difference, he is more likely to use that service,” Stevenson shared.
Mental Health Treatment is Available
“Mental health conditions are deeply stigmatized, and sometimes seen as personal weakness or even moral failing,” said Bergmann. “And the persistent stigma that surrounds behavioral and mental health issues can make it challenging for people to seek out and get help. But culturally responsive treatment and supports are available and can be life-saving.”
It’s important to recognize everyone responds differently to suicide and that there is not a one-size-fits-all approach to coping in the wake of a tragedy.
It is also vital to remember that suicide is preventable, and there are steps you can take to help reduce the risk of suicide.
These steps may include:
- Increasing access to mental health resources
- Promoting a culture of openness and acceptance around mental health
- Knowing the signs of suicide and how to get help
If you or someone you know is struggling, dial 988 or 888-724-7240 to speak with an experienced counselor who can help. They are available seven days per week, 24 hours per day.
(Source: County of San Diego Communications Office)
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【《We Chinese in America》Media Editor Tang Zhao, December 27, 2022】The return of the Sandringham Christmas walkabout this year absolutely delighted royal fans. The coronavirus pandemic has meant that this year’s was the first one in three years, and the royals delivered one for the books. From Prince Louis joining for the first time to extending the invitation to King Charles’ cousin Lady Sarah Chatto, it was a strong showing for the first Christmas without the Queen. Most notably, the fashion on display proved to be a family affair, with the likes of Catherine, Princess of Wales, Lady Louise Windsor, Sophie Wessex and Zara Tindall all taking inspiration from one another. (Photo credit: UK Press via Getty images)
For the first Sandringham walkabout of Charles’ reign – and the first one without Queen Elizabeth – the Royal Family put on a united display. Fans loved spotting some lesser known royals like Lady Sarah Chatto – who Princess Charlotte bears an uncanny resemblance to – and extended family like Princess Beatrice’s stepson Wolfie taking part this year. The heartwarming show of support was topped off by the fact that they appear to be taking inspiration from one another, with many seeing similarities in their outfits.
Sophie, Countess of Wessex opted for a tonal beige look very reminiscent of a recent outfit worn by Kate Middleton. Countess Sophie wore a timeless, cream collared coat, paired with a boater hat and a tan envelope clutch bag for an effortlessly chic look. However, in a nod to the fun she has with fashion (including the dazzling Erdem silver gown she wore for the Royal Variety performance) Sophie’s playful disco ball earrings could be seen.
Meanwhile, proving to be a dynamic mom-daughter duo, Lady Louise Windsor returned from university to reunite with the family.
Towering over her mother, Lady Louise also channelled tonal dressing, opting for an all navy look, not too dissimilar to an outfit mom Sophie wore to an important event recently. She looked smart wearing a long tailored navy blue coat which was pulled in by a tie at the waist. Lady Louise kept her coat on, but underneath the neckline of a matching blue dress peeked through. Lady Louise completed her look with a navy hat which had a matching bow around it.
Much like Kate’s new Sézane earrings – thought to be a gift from William for Christmas – Lady Louise also wore jewelry which is full of symbolism. The most notable of Louise’s accessories was silver pendant in the shape of a heart, and it is one that the Queen's granddaughter has worn on a number of occasions before. Perhaps a special locket to her, the young royal wore the touching locket to a special Thanksgiving Service for her late grandfather, Prince Philip.
Zara Tindall also looked fabulous and festive, opting for a mid-length grey coat and burgundy accessories. Zara’s look was almost identical to one Sophie wore for the last Christmas walkabout in 2019.
(Source: World News Network)
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【《We Chinese in America》Media Editor Tang Zhao, December 25, 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 provide transitional guidance for broker reporting on digital assets
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that brokers are not required to report additional information with respect to dispositions of digital assets until final regulations are issued under sections 6045 and 6045A.
The Infrastructure Investment and Jobs Act (Infrastructure Act), enacted in 2021, amended provisions in sections 6045 and 6045A to clarify and expand the rules regarding the reporting of information on digital assets by brokers. Brokers are still required to comply with existing laws and regulations. Further details are in Announcement 2023-2, posted today on IRS.gov.
This transitional guidance applies only to information returns filed or furnished by brokers. In contrast, taxpayers are still required to report any income they receive from transactions involving digital assets. They are also required to answer the digital asset question on page 1 of either Form 1040 or Form 1040-SR. See the instructions to these forms for details.
For more information, including a set of frequently-asked questions, visit the Digital Assets page on IRS.gov.
Internal Resource Service
Media Relation Office
Washington, D. C
Media Contact: 202 317 4000
Public Contact: 800 829 1040
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