Groups Seek Treasury Review of Crypto, Stock Buyback Guidance

Two trade groups representing different industries are asking the Treasury Department and IRS to reevaluate some prior guidance as part of the White House’s deregulation initiative.

The American Chemistry Council requested in a letter to Treasury that the department reconsider the proposed regulations for the stock buyback excise tax, the foreign tax credit regulations, and rules related to the advanced manufacturing and production tax credits, among others.

The American Bar Association Section of Taxation requested in a letter to the IRS that the agency review and clarify multiple notices and revenue rulings related to cryptocurrency.

The letters come as ...