Search Results for keywords:"excise tax"

The document outlines the final regulations under section 4960 of the Internal Revenue Code, which impose a tax on tax-exempt organizations that pay over $1,000,000 in compensation to certain executives, or "excess parachute payments," to covered employees. These regulations give guidelines on how to calculate and allocate the tax, define terms like “applicable tax-exempt organization” and “covered employee,” and provide exceptions to specific employee definitions to avoid discouraging beneficial services. They also clarify rules for determining when compensation is paid and for coordinating these rules with existing laws, aiming to ensure fair application and prevent tax avoidance while providing necessary flexibility for tax-exempt organizations.

The Internal Revenue Service (IRS) has proposed new rules to manage an excise tax on the sale of certain designated drugs by manufacturers, producers, and importers. These regulations detail how the tax will be applied and calculated, particularly focusing on sales during specific periods defined by law. The proposed rules include definitions of terms like "manufacturer" and "sale," guidelines for identifying sales subject to the tax, and methods for calculating the tax amount. The rules aim to ensure that the tax is assessed fairly and are seeking public comments and possible requests for a hearing by March 3, 2025.

The U.S. Department of the Treasury has announced its submission of several information collection requests to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995. Public comments on these requests are welcome until March 22, 2021. These collections pertain to various permits and reporting requirements for alcohol and tobacco businesses, such as the application for amended basic permits, the reporting of tobacco products, and records for excise tax claims related to non-beverage products and exports. The goal is to ensure compliance with federal laws and proper tax accounting.