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CARES Act International Tax Impacts Involve Changes to NOLs and Business Interest
Posted by Chrissy Hammond on Fri, Apr 17, 2020 @ 01:48 PM

Multinational businesses face unique complexities as a result of certain features under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was signed into law March 27, and includes temporary federal income tax relief measures for businesses such as net operating loss (NOL) carryback deductions and enhanced deductions for business interest. These temporary measures could impact significantly the amount of Global Intangible Low Taxed Income (GILTI), Foreign Derived Intangible Income (FDII), and Base Erosion Anti-abuse (BEAT) Tax that an international business must recognize.

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Topics: NOLs, international tax, GILTI, COVID19, Coronavirus, Business interest, BEAT, FDII

Trump Administration and Republican Leadership Release Tax Reform Plan
Posted by Chrissy Hammond on Thu, Sep 28, 2017 @ 12:16 PM

President Trump, working with a group of six administration officials and Republican leaders from Congress (the “Big Six”), announced a 9-page framework for tax cuts on September 27 (the “Framework”), marking the most significant development since the administration’s unveiling of its tax reform outline April 26. Accompanied by a speech in Indiana from President Trump, the Framework capitalizes on many ideas previously endorsed in the President’s Tax Outline and in the House Republican Blueprint. The Framework will still require tremendous work by the Congressional tax writing committees to flesh out the concepts, but it gives us the latest thinking on where tax reform may go.

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Topics: tax planning, Taxes, Corporate Taxes, Indivdual Taxes, Tax Reform, Tax Plan, Trump Tax Plan, tax updates, tax framework, international tax

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