Harvard University’s tax-exempt status has been questioned by the Trump Administration—with Harvard responding that there is no legal basis for a revocation. The Administration’s action...
Many states are implementing energy benchmarking programs to track and identify energy use in buildings. These programs aim to encourage energy efficiency and reduce greenhouse gas emissions. Check out...
When engaging in M&A discussions, parties should prioritize rigorous confidentiality measures to protect sensitive business information. Our new confidentiality agreement playbook offers valuable insights...
This practice note discusses Institutional Review Boards (IRBs) within the United States, including their purpose, history, and regulatory framework. The note is a valuable resource for advising life sciences...
Do you need guidance on tipped employee requirements under the Fair Labor Standards Act (FLSA)? Read our newly published checklist, Tipped Employees Checklist (FLSA) , for helpful information. Read now...
IRS recently issued guidance concerning the stock repurchase excise tax, or "buyback tax," introduced under the Inflation Reduction Act (Pub. L. No. 117-169) and set forth under Section 4501 of the Internal Revenue Code. The guidance, appearing in Announcement 2023-18, confirms that no taxpayer is required to report the new excise tax on repurchases of corporate stock during a covered corporation's taxable year on any returns filed with the IRS or to make any payments of such tax, before the time specified in forthcoming regulations. The stock repurchase excise tax applies to repurchases made after December 31, 2022. It’s expected that the proposed regulations will require any liability for the buyback tax for a taxable year ending after December 31, 2022, but prior to publication of the proposed regulations, to be reported on the quarterly federal excise tax return — IRS Form 720 — that is due for the first full quarter after the date proposed regulations are published. Payment of any tax due is expected at the same time.
Read now »
Related Content
Practical Guidance Updates Featuring the latest updates from your Practical Guidance account.
PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB
Experience results today with practical guidance, legal research, and data-driven insights—all in one place.Experience Lexis+