The IRS Large Business and International division (LB&I) has released a Practice Unit Determining an Individual’s Residency for Treaty Purposes to help examiners evaluate whether an individual is a resident of a Contracting State for purposes of a tax treaty. Generally, only residents of a Contracting State may claim tax treaty benefits. A country (a Contracting…
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Proposed GILTI Regs Do Not Address Credit Computation For Now
In IR-2018-186 the Internal Revenue Service announced that it issued proposed regulations on September 13, 2018 concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code. New reporting rules requiring the filing of Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income, are also described in the proposed regulations. The…
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Rettig Confirmed by Senate to be the Next Commissioner of the IRS
On July 24, 2018 we posted that the Senate Approves Charles "Chuck" Rettig as IRS Commissioner! where we discussed that the Senate Finance Committee approved Chuck Rettig to be the next commissioner of the Internal Revenue Service, which means that the full Senate may now have the opportunity to consider his nomination. Now according to…
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IRS Launches New Easy-To-Use Webpages on Tax Reform
Business owners and self-employed taxpayers should make IRS.gov/taxreform their first stop for information on how tax reform affects both their business and individual taxes. The updated IRS.gov/tax reform page has helpful information for three types of taxpayers: individuals, businessesand tax exempt entities. The Businesses page is for businesses of any size and includes these topics, among others:…
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