OECD Releases Country-by-Country Reporting Implementation Status, and Exchange Relationships Between Tax Administrators: Today the Organization for Economic Cooperation and Development (OECD) took an additional step to implement country-by-country (CbC) reporting in accordance with BEPS Action 13 minimum standard by activating automatic exchange relationships under the Multilateral Competent Authority Agreement on the exchange of CbC reports. More than 1,000 automatic exchange relationships have now been established among jurisdictions committed to exchanging CbC reports as of mid-2018.
IRS Proposed Rules Remove Signature Requirement for Section 754 Elections: Today the IRS issued proposed amendments to the current regulations relating to the requirements for making a valid election under section 754 to adjust the basis of partnership property. Specifically, the proposed amendments would remove the signature requirement contained in current Treas. Reg. § 1.754-1(b) in order to eliminate a regulatory burden.