Overview
OECD Issues Model Disclosure Rules for Advisors: Today the Organisation for Economic Co-operation and Development (OECD) issued new model disclosure rules that require lawyers, accountants, financial advisors, banks, and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the OECD Common Reporting Standard (CRS) or prevent the identification of the beneficial owners of entities or trusts. The model disclosure rules are part of a wider strategy of the OECD to monitor and act upon tendencies in the market to try to avoid CRS reporting and hide assets offshore.
EU Releases Report on Common Consolidated Corporate Tax Base Proposal: The European Union (EU) has issued a report on the proposal for a Council directive on a Common Consolidated Corporate Tax Base.
Miscellaneous Guidance: Announcement 2018-05 provides that the IRS intends to issue opinion and advisory letters for pre-approved master and prototype and volume submitter defined benefit plans that were restated for changes in plan qualification requirements listed in Notice 2012-76 and that were filed with the IRS during the submission period for the second remedial amendment cycle.