Andersen Managing Director Joe Calianno’s comments are featured in the recent Tax Notes article, Stock Buyback Tax Collections Fall Short of Initial JCT Estimate. The article notes that the amount of stock repurchase excise tax collected by the Internal Revenue Service for fiscal year 2024 falls well below the Joint Committee of Taxation’s estimate in August 2022, when the 1% excise tax was enacted as part of the Inflation Reduction Act. Joe explained that this might be because, in practice, public companies can navigate the provisions and exceptions in the statute and regulatory guidance to reduce or eliminate their excise tax liability.