Corporate Taxes, IRS, Interim Guidance

IRS issues transitional guidance regarding reporting and paying the stock buyback tax

Eversheds Sutherland (US) LLP on 7/6/2023

On June 29, 2023, the Internal Revenue Service (IRS) issued Announcement 2023-18 (the Announcement), which provides transitional guidance with respect to the stock repurchase excise tax under section 4501 (the Buyback Tax)....more

New Excise Tax For Tax-Exempts Can Ensnare For-Profit Employers: Comment Deadline Fast Approaching

Proskauer - Employee Benefits & Executive... on 3/14/2019

As discussed, the IRS’s initial interpretation of a new excise tax under Section 4960 of the Internal Revenue Code could catch for-profit employers who set up foundations, trusts, PACs, and other tax-exempt entities off...more

Recent IRS Guidance Details Cost of Providing Employee Parking

Poyner Spruill LLP on 3/5/2019

Do you provide parking for your employees? If so, take note: the expense has gone up (and, for tax-exempt employers, may now result in additional tax liability!)....more

IRS Notice Provides Guidance for Exempt Organizations on Excise Tax

Holland & Knight LLP on 2/4/2019

• The Internal Revenue Service (IRS) released IRS Notice 2019-09 (Notice) offering guidance under Section 4960 of the Internal Revenue Code as added by the Tax Cuts and Jobs Act. • Section 4960 applies to certain...more

TCJA excise tax on excess executive compensation for nonprofits

Bricker Graydon LLP on 1/10/2019

Beginning with the 2018 tax year, nonprofit organizations that pay their top executives more than $1 million per year are subject to a new 21 percent excise tax. ...more

IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income;...

BCLP on 12/12/2018

WASHINGTON – The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in...more

Interim Guidance Issued on New Business Interest Expense Limitations

Williams Mullen on 5/8/2018

The IRS and the Treasury Department recently announced interim guidance to help taxpayers comply with the new business interest expense limitations under the Tax Cuts and Jobs Act (P.L. 115-97) (the “Act”). Notice 2018-28,...more

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