U.S. companies that are 25 percent or more foreign-owned, foreign companies that are engaged in business with the U.S., and certain other multinationals must file a Form 5472 with their corporate U.S. tax return if they engage in a reportable transaction. The form isn't new, but related reporting requirements and penalties have been expanded.
As part of a push to make the country more efficient and business-friendly, Brazil has made changes to a law governing limitadas, or limited liability companies.
The OECD recently issued information on its Pillar Two, which is part of a larger plan to prevent multinationals from shifting profits to reduce or eliminate taxes. We provide a summary of the new OECD document and explain why it’s key to understanding the changing world of corporate taxation.
The U.S. Treasury and IRS released guidance this month on the base erosion and anti-abuse tax and the foreign tax credit. We summarize the BEAT and FTC regulations so you’ll understand how they’ll affect your multinational organization.