The IRS released guidance to further recap and clarify
the rules for transfer and consent agreements.
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International Tax
Proposed rules would govern digital content and cloud computing
The IRS proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
CFC downward attributions get safe harbors
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
The TCJA: Double taxation for US citizens living abroad
Individuals, who are not afforded the benefit of using indirect foreign tax credits, are unable to reduce their Sec. 965 liability with foreign taxes generated at the foreign company level.
Demystifying the new international E&P rules
This discussion provides a summary of some of the basic previously taxed earnings and profits ordering rules likely to apply to distributions made by controlled foreign corporations .
US MNCs facing implications of economic (vs. physical) nexus
This item summarizes the complexities of a digitalized economy for MNCs and considers the
multifaceted implications to U.S. MNCs with respect to financial statements and tax reporting.
IRS offers expatriate tax relief
The IRS announced procedures to allow certain individuals who have renounced their US citizenship to get into compliance with their U.S. tax obligations and obtain relief for back taxes.
Sec. 1446(f) proposed regs.: Withholding on transfers of partnership interests
Partnerships will need to establish procedures to deal with secondary withholding in the event that
transferees do not withhold or collect the appropriate documentation.
Worldwide combined reporting: An underutilized opportunity
This discussion focuses on how state worldwide reporting works and what taxpayers should consider in determining whether to elect it or avoid it.
Rules proposed for classifying cloud and digital content transactions
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
Treasury reverses position on qualifying income for RICs invested in certain foreign corporations
The final rule allows a RIC invested in CFCs and PFICs to treat the required CFC inclusion or PFIC inclusion respectively, as qualifying income for purposes of a RIC’s qualifying income test.
Foreign-derived intangible income guidance addresses many open questions
Sec. 250 allows domestic corporations a deduction for their “foreign-derived intangible income.” Proposed regulations that were issued earlier this year answer many outstanding questions regarding the calculation of this new deduction but also include documentation requirements that may prove onerous for some taxpayers.
Restructuring with Sec. 987 QBUs? Watch for limitations under new Sec. 987 regs.
Before transferring Sec. 987 QBUs to related domestic or foreign parties, practitioners should consider the tax implications of the May final regulations.
CFC worthless stock deductions after tax reform
This discussion focuses on the GILTI and BEAT implications for the benefit received by a U.S. corporation reporting a worthless stock deduction
under Sec. 165(g) for a CFC’s stock.
IRS proposes regs. on withholding on transfers of partnership interests
The IRS issued proposed regulations on the operation of new Sec. 1446(f), which requires withholding on the transfer of a partnership interest described in Sec. 864(c)(8) (gain or loss of foreign persons from the sale or exchange of certain partnership interests).
Virtual currency not FBAR reportable (at least for now)
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Final rules govern GILTI, Subpart F income, and foreign tax credits
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
The Subpart F high-tax exception before and after tax reform
While the statutory language to the high-tax exception was unchanged by the TCJA, other amendments affect the determination of whether an item of income meets the high-tax exception.
Key cross-border compensation issues
The use of a loan to facilitate the restricted stock purchase may be considered the grant of an option rather than the grant of restricted stock.
States’ treatment of GILTI and FDII: The good, the bad, and the ugly
Review the various approaches states use to account for the GILTI and FDII regimes introduced by the TCJA.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
