IR-2020-165, July 20, 2020
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued a final regulation (PDF) addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
The final regulations allow taxpayers to exclude certain high-taxed income of a controlled foreign corporation from their Global Intangible Low Taxed Income (GILTI) computation on an elective basis.
Treasury and the IRS today also issued a proposed regulation (PDF) regarding the high-tax exception with the GILTI high-tax exclusion. Treasury and the IRS welcome public comments.
Updates on the TCJA can be found on the Tax Reform page of IRS.gov.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an increase in assessment…
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is…
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community…
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)…
The State Small Business Credit Initiative reached over 3,600 small businesses in the first two…
WASHINGTON – On November 19, 2024, the Treasury Department hosted the third annual conference on…