The IRS issued final regulations on how to report and pay the 1% excise tax owed on corporate stock repurchases. The excise tax is equal to 1% of the aggregate fair market value of stock repurchased by certain corporations during the taxable year. The final regs affect publicly traded domestic corporations that repurchase their stock or whose stock is acquired by certain affiliates after Dec. 31, 2022. They require that the tax be reported on Form 720, Quarterly Federal Excise Tax Return, with Form 7208, Excise Tax on Repurchase of Corporate Stock, attached. Forms 720 and 7208 due for taxable years ending after Dec. 31, 2022, and on or before June 30, 2024, must be filed by Oct. 31, 2024.