Multinational businesses operating in the country could face stricter tax-compliance rules as a result of new rules proposed by the Internal Revenue Service and the Treasury Department.
The Internal Revenue Service and the Treasury Department issued proposed regulations revamping how companies account for the transfer of services and intellectual property to their affiliates in and outside of the United States. The rules, which are designed to close loopholes that have allowed companies to shift tax liabilities into lower-tax jurisdictions, are likely to take effect Jan. 1.
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