Strategizing International Tax Best Practices – by Keith Brockman

Links to the proposed Foreign Tax Credit Regulations, and EY’s detailed Global Tax Alert, are provided for reference.

To the extent there are perceived favorable items, (i.e. including GILTI income and stock as subject to exemption rules), there are unfavorable items (i.e. exemption rules also affecting the FDII calculation and overall complexity).

From a multinational company perspective, these complex rules require almost immediate application for financial statement purposes while regular tax compliance/provision systems struggle to catch up.  Thus, new technology will be required to prepare non-intuitive calculations that are still uncertain for many to fully comprehend and apply.

https://www.ey.com/Publication/vwLUAssets/US_Treasury_issues_highly-anticipated_proposed_foreign_tax_credit_regulations/$FILE/2018G_012314-18Gbl_US%20Treasury%20issues%20highly-anticipated%20proposed%20foreign%20tax%20credit%20regs.pdf

https://www.irs.gov/pub/irs-drop/reg-105600-18.pdf

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