Tax & Accounting Blog

IRS Currently Accepting Form 8975, Country-by-Country Report

IRS Currently Accepting Form 8975, Country-by-Country Report

On August 11, 2017, the U.S. Internal Revenue Service (IRS) issued Bulletin 2017-2 on its acceptance of Form 8975, Country-by-Country Report. Ultimate parent entities (UPEs) of U.S. multinational enterprise (MNE) groups with $850 million or more of revenues in a previous annual reporting period can now file Read More

UK’s DPT Challenge to Glencore – Can One Defend 80 Percent of the Profits for 20 Percent of the Functions?

UK’s DPT Challenge to Glencore – Can One Defend 80 Percent of the Profits for 20 Percent of the Functions?

Saumyanil Deb and I noted that the UK Diverted Profits Tax should allow taxpayers a chance to defend its intercompany pricing based on a reasonable model of the intercompany transaction in question. In an earlier paper, I posed a simple model of the appropriate gross margin for a sales affiliate, which we applied to the … Read More

Greece Implements EU Rules on Exchange of Country-by-Country Reports

Greece Implements EU Rules on Exchange of Country-by-Country Reports

On August 1, 2017, Greece published Law No. 4484 (the “Law”) in the Government newspaper, The Hellenic Democracy. The Law implements EU Directive 2016/881 (amending Directive 2011/16, which was previously amended by Directives 2014/107 and 2015/2376) on the mandatory automatic exchange of tax information (e.g., country-by-country (CbC) reports) into domestic legislation. See Read More

Payroll Updates — New Email Options for EFTPS Users, Accelerated W-2s and 1099s

Payroll Updates — New Email Options for EFTPS Users, Accelerated W-2s and 1099s

New email options for EFTPS users Electronic Federal Tax Payment System (EFTPS) users now have the option to receive emails from the IRS about their electronic tax payments. You can sign up for payment status emails by visiting eftps.gov/eftps. EFTPS is the electronic funds transfer (EFT) system used by the Treasury Department to collect … Read More