International Tax News

IRS CbC Reporting Guidance

IRS Provides Procedures for Early Filing of CbC Reports CbC Reporting Background The OECD has long been concerned with the concept of base erosion and profit shifting (BEPS), and believes that the OECD and G-20 countries should take a coordinated approach to developing an action plan that could successfully deter base erosion and profit shifting…

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ITIN Acceptance Agent Procedure Changes

The IRS recently revised its policy allowing Certifying Acceptance Agents (CAAs) to certify copies of dependent children’s passport and birth certificate. An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but…

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China Expands VAT to All Industries

China plans to apply its value added tax (VAT) to all industries starting May 1. The VAT will replace the business tax and apply to the industries that were previously subject to that tax, including the construction, real estate, and finance and consumer services industries. China will be among the first countries in the world…

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IRS Outlines Strategic Transfer Pricing Issues

In a new International Practice Unit (IPU), the IRS charted audit steps its examiners should follow in reviewing the transfer pricing documentation of U.S. taxpayers that transfer and provide tangible property, intangible property, and service to foreign affiliates in exchange for payments (that is, outbound transactions). Limits on Housing Expenses The IRS issued a notice…

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