Group Urges IRS to Delay Some Stock-Buyback Tax Payments

Business groups are urging the IRS and the Treasury Department to provide relief for foreign-parented groups that may be hit hard by the tax on stock buybacks.

The due date for such groups to pay the 1% excise tax as it applies in certain circumstances should be pushed back, the Institute of International Bankers said in a comment letter Thursday. The way that proposed regulations on the tax are currently set up, foreign-parented groups could be subject to interest and penalties for underpayment of the tax, through no fault of their own, the group said.

Their concerns relate to a ...