IR-2020-200, September 1, 2020
WASHINGTON — The Internal Revenue Service issued final regulations (PDF) today providing additional guidance on the base erosion and anti-abuse tax (BEAT).
To limit profit-shifting, the Tax Cuts and Jobs Act (TCJA) added a new tax, the BEAT. The BEAT focuses on large U.S. corporations that make deductible payments to related foreign parties.
The final regulations provide detailed guidance regarding how to compute certain BEAT calculations for groups of related taxpayers. The final regulations also contain rules permitting taxpayers to waive deductions for purposes of the BEAT, and additional guidance regarding partnerships and anti-abuse rules.
Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…
WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…
Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…
WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…
WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…