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BEPS Update: U.S. Voluntary Filing Unlikely to Offer Viable Alternative to Local CbC Filing

The IRS recently released final regulations implementing new CbC reporting requirements. The new rules allow voluntary CbC filing for reporting tax periods beginning January 1, 2016 and before June 30, 2016. The final rules are creating gaps and mismatches in implementation timing based on legislative processes in foreign jurisdictions. The regulations address the "gap year" challenge by allowing U.S. "ultimate parent entities" to voluntarily file new form 8975 for tax years commencing before June 30, 2016.

BEPS Solutions

Checkpoint BEPS Global Currents

Get the clarity and perspective you need to see beyond the surface of the OECD BEPS Action Plan and better understand its impact on your organization. Thomson Reuters Checkpoint BEPS Global Currents provides a comprehensive and customizable overview of the latest BEPS developments for all 15 Action Items in 47 countries, enabling you to respond proactively to new developments, make strategic plans to minimize impact to your organization and ensure you are in compliance with new laws and standards as they are passed by various countries.

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ONESOURCE BEPS Action Manager

Thomson Reuters ONESOURCE BEPS Action Manager™ combines research, data management, entity charting, document storage, reporting and analytics in a single solution, guaranteeing worldwide compliance and collaboration in a post-BEPS era. Across the globe, from start to finish, BEPS Action Manager lays the foundation for a standardized and sustainable worldwide data collection process, enabling multinational corporations to document and report their results to taxing authorities. With up-to-date research, valuable risk assessments and intuitive analytics, multinational tax departments can remain current amidst an ever evolving legislative landscape — and stay ahead of inquiries from various tax administrations.

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