Browsing: IRS

Newsbytes ABA urges relief from new tax on failed bank purchasers

A new tax created by the passage of the Inflation Reduction Act in 2022 could discourage mid-sized financial institutions from acquiring the assets of banks under receivership by the FDIC, AVA said in a letter to the Treasury Department and IRS.

Newsbytes ABA responds to IRS guidance on stock buyback excise tax

Responding to initial IRS guidance on the provision for stock buyback excise taxes within last year’s Inflation Reduction Act, ABA last week recommended that one-year carryforward and carryback periods should be granted for net preferred stock issuances.

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