International Tax News

Is Mandatory E-Verify the Future?

Mandatory E-Verify May Be Coming, Are You Ready? E-Verify is about to play a critical role under the Trump administration. The electronic service, launched in 1996, is primarily a voluntary web-based system, though it could soon become mandatory. E-Verify enables employers to quickly determine whether information supplied by job applicants on their I-9 forms is…

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IRS to End Offshore Voluntary Disclosure Program in September

The IRS announced it will begin to ramp down its Offshore Voluntary Disclosure Program (OVDP) and close it on Sept. 28, 2018. This gives taxpayers with undisclosed foreign financial accounts time to still use the program. “Taxpayers have had several years to come into compliance with U.S. tax laws under this program,” said Acting IRS…

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Countries Seek Digital Tax Consensus

More than 100 Countries Agree to Seek Digital Tax Consensus by 2020 Some 110 countries have agreed to work toward forming an international consensus by 2020 on how to tax digital businesses across borders, according to the Organisation for Economic Co-operation and Development (OECD). In a report commissioned by G20 powers, the OECD said the…

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IRS Issues Guidelines on Waiving Filing Deadlines for Foreign Corporations

The IRS Large Business and International Division (LB&I) has issued guidelines for handling delinquent Forms 1120-F, U.S. Income Tax Return of a Foreign Corporation, and for making filing deadline waivers. Foreign corporations engaged in a trade or business within the U.S. can claim deductions and credits on income that are effectively connected with income associated…

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IRS Boosts Fees on Advance Pricing Agreements

Advance Pricing Agreement The IRS is increasing the fee it charges multinational business taxpayers for a unilateral or bilateral advance pricing agreement (APA). APAs are agreements that companies strike with the IRS to resolve potential transfer pricing disputes ahead of time. With an agreement on the prospective tax treatment of international commerce between related parties,…

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