Last year was an eventful year for corporate taxation.

It ended with a bang when Congress passed the Inflation Reduction Act of 2022, which now requires a 15% AMT tax on certain large corporations. The bill also imposed, among other things, an excise tax on stock repurchases.

Of note, the IRS also published Notice 2022-10, which fast-tracks certain private letter rulings. This is good news for practitioners in the corporate tax area because this allows them to receive guidance for their clients in a timely manner.

The IRS generally provides such rulings within a 12-week period (or less if requested by the taxpayer and granted by the IRS). It is interesting to note that due to the tax rate cuts imposed to the corporation, it may now be attractive to do business as a C corporation notwithstanding the double tax regime.

We discuss these issues and more during this presentation.

SPEAKERS

• Reginald Mombrun, North Carolina Central University School of Law, Durham

PRODUCED
Session from 22nd Annual North Carolina/South Carolina Tax Section Workshops, May 26–28, 2023

APPROVED CREDIT
North Carolina: 0.75 MCLE Hours

PROGRAM PRICING
See pricing below.

Access to the program and content expires ninety (90) days from the date of purchase.