Section 199A Proposed Regulations at OMB for Review: The computational package of section 199A proposed regulations are pending review at the Office of Information and Regulatory Affairs of the Office of Management and Budget. Section 199A, enacted by P.L. 115-97, allows a 20 percent deduction for certain pass-through owners, subject to certain limitations.
IRS Publishes New Content on CbC Reporting: The IRS has published new guidance and resources on the Country-by-Country (CbC) Reporting Guidance webpage. In addition, the IRS has updated the Jurisdiction Status Table with recently signed Competent Authority Arrangements for the exchange of CbC Reports.