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IRS Newswire December 27, 2022

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Issue Number: ???IR-2022-228

Inside This Issue
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*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 [ [link removed] ], 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.?

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