International Tax News

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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FBAR Filing Extensions Will Become Automatic Starting this Year

The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, has explained that starting in 2018 it will automatically grant a six-month extension to October 15 to all taxpayers who miss the April 15, 2018, deadline for filing Reports of Foreign Bank and Financial Accounts (FBARs). However, this year the filing date is…

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Tax Reform and International Taxation

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…

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