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The Inflation Reduction Act of 2022 established a stock repurchase excise tax under section 4501 equal to 1% of the fair market value (FMV) of stock repurchased during the tax year by certain publicly traded corporations or their specified affiliates, effective for repurchases occurring after 2022. Use Form 7208, Excise Tax on Repurchase of Corporate Stock, to figure the excise tax on stock repurchases.

Section 1061 was added to the Internal Revenue Code as part of the Tax Cuts and Jobs Act (TCJA). For taxable years beginning after December 31, 2017, section 1061 recharacterizes certain net long-term capital gains of a partner that holds one or more applicable partnership interests as short-term capital gains. The provision generally requires that a capital asset be held for more than three years for capital gain allocated with respect to any applicable partnership interest (API) to be treated as long-term capital gain.

Get information on coronavirus (COVID-19) tax relief for businesses and tax-exempt entities.

The Large Business and International (LB&I) Division is responsible for tax administration activities for domestic and foreign businesses with a United States tax reporting requirement and assets equal to or exceeding $10 million as well as the Global High Wealth and International Individual Compliance programs.

This audit techniques guide (ATG) sets forth the research credit technical advisors¡¯ suggested guidelines for auditing research credit issues.

IRS has a zero-tolerance policy for retaliation and has had one in place since 1998.

FAQs about the New Tax Rules for Executors

A comparison chart about the Paid Sick and Family Leave Credit

The Advanced Manufacturing Investment Credit is available for eligible taxpayers that invest in a facility the primary purpose of which is the manufacturing of semiconductors or semiconductor manufacturing equipment.

Information on what excise taxes are, who they¡¯re imposed on and what you have to do to comply. Includes links to registration and credits.