The American Institute of CPAs has written to the Internal Revenue Service recommending some changes in the IRS’s proposed regulations for country-by-country reporting by multinational corporations of financial information to curb tax avoidance.
The proposed regulations were issued last December as part of an effort by the Organization of Economic Cooperation and Development to crack down on tax avoidance by multinational corporations. The U.S. Treasury Department has worked with the OECD and the Group of 20 nations on those efforts, which also included the Base Erosion and Profit Shifting, or BEPS, action plan. The proposed regulations would require annual country-by-country reporting by U.S. businesses that are the ultimate parent entity of a multinational enterprise, or MNE group, and have annual revenue for the previous annual accounting period of $850 million or more.
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