What are these two schedules? Schedule K-2 “Distributive Share Items – International” and Schedule K-3 “Share of Income, Deductions, Credits, etc. – International” are intended for pass-through entities (PTE) to consistently report international tax information. This allows for clearer instructions to owners to report the international income, deductions, and information
While the Build Back Better Framework (BBB) may not be passed in its current form, the proposed legislation has a few international changes that can make a difference in your upcoming tax liability. This bill is still in legislation, but here are a few of the major changes that we
Significant final regulations under section 163(j), which includes the interest expense limitation that was issued in July 2020 to reflect amendments made by the Tax Cuts and Jobs Act (TJCA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, were recently signed at the beginning of January 2021. There
For multinational businesses, there is perhaps no greater source of confusion and frustration in the tax arena than transfer pricing. Transfer pricing is the arm’s length price charged for good and services between related parties. In cross- border transactions, establishing the correct transfer price is particularly critical because each country
President-Elect Joe Biden has spoken about implementing a lot of potential tax changes while on his campaign trail for president in 2020. While most of the changes he has discussed are in the individual tax realm, but he has a few international corporate tax changes that could affect U.S. corporations
U.S. Taxpayers, including individuals, companies, trusts, and estates that have delinquent, incomplete or late-filed foreign information returns have significant penalty exposure. Forms 5471, 8865, or 8858 may need to be filed if the U.S. taxpayer has a direct or indirect interest in a foreign corporation, foreign partnership, or foreign