International News

Tax Reform’s Impact on International Taxation

By Rose Moore, CPA and Richard Gimbert, CPA On December 22, 2017, President Trump signed the most comprehensive tax overhaul in the last 30 years, the “Tax Cuts and Jobs Act.”  Much attention has been focused on the reduced corporate tax rate and changes to the individual deductions and tax rates. However, not as frequently…

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Value Added Tax

By Rose Moore, CPA and Richard Gimbert, CPA This article is the first in an ongoing series of articles focusing on changes in international taxation that could affect businesses. We hope you find it educational and encourage you to keep an eye out for further articles. The Value Added Tax (VAT) has been a divisive…

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IRS Continues Its Fusillade of Audit Campaigns

The Large Business and International (LB&I) division of the IRS recently announced 11 additional issues that it will be targeting as part of its “compliance campaign” audit strategy. The IRS previously announced 13 compliance campaigns in January of 2017. The issue-based strategy aims at identifying areas that represent a risk of noncompliance. New Campaigns The IRS identified…

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IRS Outlines Penalty for Not Filing International Information Return

IRS examiners received an updated international practice unit (IPU) explaining the penalty imposed on taxpayers who fail to file Form 5471, “Information Return of U.S. Persons With Respect to Certain Foreign Corporations.” The IPU includes insight as to what constitutes reasonable cause for failing to file. (Note: IPUs aren’t official IRS pronouncements of law or directives…

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OECD Issues Handbooks on CbC Reporting

New handbooks on country-by-country (CbC) reporting were issued by the Organisation for Economic Co-operation and Development (OECD). Specifically, the handbooks deal with effective implementation and effective tax risk assessment. In general, 2018 will be the first year that tax authorities will receive more detailed transfer pricing information on large multinational enterprises (MNEs), with data on the…

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