The IRS Hasn’t Yet Released Its 2022-2023 Priority Guidance Plan (a Regulatory To-do List), but Several Items Are Expected to Be on the Agenda.

The IRS hasn’t yet released its 2022-2023 Priority Guidance Plan (a regulatory to-do list), but several items are expected to be on the agenda. This starts with components of the Inflation Reduction Act. Tax professionals have asked that corporate split-offs not be factored into the new 15% corporate alternative minimum tax in lieu of transition relief. They also want the IRS to address the 1% excise tax on corporate stock repurchases, claiming that the term “repurchase” is overly broad. Among other requests, chemical industry groups have asked for additional guidance on two excise taxes reinstated by the Infrastructure and Jobs Act.