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The Internal Revenue Service has issued final regulations to provide guidance on how to pay the 1 percent excise tax on corporate stock repurchases.
The tax must be reported on Form 720, Quarterly Federal Excise Tax Return, due for the first full calendar quarter after the end of the corporation’s taxable year, with the Form 7208, Excise Tax on Repurchase of Corporate Stock, attached. Form 7208 is used to calculate the amount of stock repurchase excise tax owed.
The forms due for taxable years ending after Dec. 31, 2022, and on or before June 30, 2024, must be filed by October 31 this year
Corporations with more than one taxable year ending after Dec. 31, 2022, and on or before June 30, 2024, should file a single Form 720 with two separate Forms 7208 (one for each taxable year) attached by October. 31.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
The Internal Revenue Service has issued 
