Changes to CFC Definition Expands Reach of Section 965 Transition Tax, Creates New Reporting Obligations

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Overview


Britt Haxton and Sandra McGill wrote this bylined article about provisions in the new tax bill that expand the rules for determining the treatment of a controlled foreign corporation (CFC) for US tax purposes. The change “creates an immediate reporting obligation with respect to those corporations, a requirement that could prove costly to multinationals if they fail to file information returns on time,” the authors wrote.