Chamber of Commerce Provides Feedback on Notice 2018-07
Posted on Feb 2, 2018 in International Tax, News
The U.S. Chamber of Commerce recently released recommendations for further guidance in response to Notice 2018-07, which provides guidance related to section 965 (the transition tax on deferred foreign earnings). The recommendations include excluding short-term loans from foreign affiliates to a U.S. parent from aggregate foreign cash if they have previously triggered a taxable inclusion, and providing guidance on avoiding double counting of earning and profits. The Chamber made 13 recommendations in total.
Read more: Chamber of Commerce Tackles Transactions Tax Guidance Issues