Parsing New Int'l Tax Reporting Rules For Pass-Throughs
By Cory Perry, Grace Kim and Olivia Arnold (September 17, 2021, 6:22 PM EDT) -- The world of international tax reporting has grown more complicated. In addition to the general globalization in business, the 2017 Tax Cuts and Jobs Act made significant changes to the international tax landscape.
The TCJA introduced the base erosion and anti-abuse tax, global intangible low-taxed income, foreign derived intangible income, and the participation exemption regime. These new international tax rules, coupled with an already complicated U.S. tax system, make tax compliance a daunting task for even the most sophisticated companies and investors.
Navigating this landscape has become particularly complicated for investors in pass-through entities that rely on Schedule K-1, used to report...
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