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Proposed Senate Legislation Would Impose Corporate Minimum, Excise Taxes; Increase Funding for IRS

On August 7, 2022, the Senate passed the Inflation Reduction Act of 2022 (the “Act”) that, among other provisions:

i. Establishes a new 15% corporate alternative minimum tax for certain large corporations based on adjusted financial statement income,

ii. Establishes an excise tax on public company corporate stock buybacks, and

iii. Increases IRS funding.

In contrast, the Act does not include the proposal included in the original bill to expand the special holding period rules applicable to carried interest, which was discussed in our previous Alert.

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Tax Exempt Organizations Year 2002 in Review


Time to Read: 1 minutes Practices: Tax

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Several developments in during 2002 had great impact on exempt organizations.  The attached document includes helpful insights on topics such as IRS sanctions, audit practices, and insurance issues for not-for-profit organizations.

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