IRS extends transition period on foreign withholding taxes
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The IRS and the Treasury Department are extending a transition period for an exception to the requirement for companies to pay taxes on royalties for intellectual property abroad, and more of today’s top stories.
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The proposed regulations relate to the foreign tax credit and include guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the attribution rule for withholding tax on royalty payments.
In other news today:
Banks have been reclassifying their losses to avoid taking steep write-downs that could be helping them stay in business.
Long-awaited proposed guidance gives details on the new tax credits for electric vehicles under the Inflation Reduction Act.
Three former executives from Austal USA have been indicted for a fraudulent revenue recognition scam.
IFAC names next CFO; Weaver donates $32K to women-supporting nonprofits in honor of International Women's History Month; and more news from around the profession.
Plus, GBS Tax and Bookkeeping rebrands as Cleer Tax and Bookkeeping; ITA looks for new president; and other news from the accounting tech world.
Chartered Accountant at G.Satapathy and Company, Chartered Accountants
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