IRS To Examine Biz Returns For Repatriation Tax Compliance

Law360 (November 4, 2019, 6:55 PM EST) -- The Internal Revenue Service said Monday it would begin examinations of U.S.-based multinational companies' 2017 and 2018 returns to ensure they comply with the repatriation tax provision of the tax overhaul enacted two years ago.

To promote compliance with Internal Revenue Code Section 965, the IRS said it would start scrutinizing affected multinationals' returns as part of its campaign announced in July 2018 on that facet of the Tax Cuts and Jobs Act. The agency said its focus will start with examining 2017 returns and "generally require" looking at companies' 2017 and 2018 filings.

In addition to examinations, the campaign will provide technical assistance...

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