International taxes

The U.S. Chamber of Commerce is asking the Internal Revenue Service for more guidance on the Tax Cuts and Jobs Act, asking for language specifying how qualified business income and limitations on business interest should be defined, among other matters.

The Internal Revenue Service provided additional information Tuesday to help corporate taxpayers deal with the new section 965 transition tax for repatriating foreign profits under the tax law that Congress passed in December.

The Internal Revenue Service said Tuesday it plans to close the 2014 Offshore Voluntary Disclosure Program on Sept. 28, 2018 and will start winding it down before that date.

Bank of New York Mellon Corp. won a contract to be custodian for as much as 13 billion euros ($16 billion) in back taxes that Apple Inc. will pay to Ireland, according to a person familiar with the matter.

Sen. Sheldon Whitehouse and Rep. Lloyd Doggett have proposed legislation in the House and Senate to ensure multinational companies pay the same tax rate on profits earned abroad as they do in the U.S., to counter some of the effects they claim from the Tax Cuts and Jobs Act that Republicans passed last December.

Israel put proposed taxes on church-owned property in Jerusalem on hold after top Christian clerics in the city closed the venerated Church of the Holy Sepulchre to protest the planned levies.

The Church of the Holy Sepulchre in Jerusalem, Christianity’s holiest site, was closed to visitors on Sunday in an unprecedented move to protest proposed Israeli tax and land policies governing church-owned property.

HSBC Holdings Plc said it could face penalties exceeding $1.5 billion stemming from multiple investigations into claims that its Swiss private bank unit helped clients evade paying taxes.

The European Union voiced its concerns again over the impact of Donald Trump’s tax cuts but stopped short of threatening retaliation that could further inflame EU-U.S. tensions.

The Financial Accounting Standards Board released an accounting standards update Wednesday to help companies deal with the stranded income tax effects in accumulated other comprehensive income stemming from the Tax Cuts and Jobs Act.