Overview
Bloomberg Tax quoted George Callas in an article titled "Treasury Pressed to Fix Tax Mistake That May Push R&D Offshore." The article, published March 20, discusses how the Treasury Department is being pressed by Republican lawmakers and business groups to correct a defect in a new tax on foreign earnings that has companies saying they may move their research and development operations offshore. According to the article, the issue is that the 2017 tax law didn't account for existing rules requiring companies to attribute certain US business expenses to their taxable foreign income.
Callas, who worked as senior tax counsel to former House Speaker Paul Ryan during the passage of the 2017 tax law, says, "Businesses are going to have to make significant structural decisions involving domestic employment and domestic investment in response to the law, and they might not be able to wait for Congress to act before making those decisions."
The full article can be read at Bloomberg Tax.