Office of Management and Budget Finishes Review of Proposed GILTI Tax Regulations

Office of Management and Budget Finishes Review of Proposed GILTI Tax Regulations: The Office of Management and Budget (OMB) completed its review of proposed regulations implementing the new global intangible low-taxed income (GILTI) provisions for certain US persons owning 10% or more of the stock of a foreign corporation. Now that the review is complete, the regulations will head back to Treasury to be finalized and sent to the Federal Register for publication.

LB&I Division Rolls Out Five New Compliance Campaigns: Today, the IRS Large Business and International (LB&I) division announced the rollout of five new compliance campaigns: IRC Section 199 – Claims Risk Review, Syndicated Conservation Easement Transactions, Foreign Base Company Sales Income: Manufacturing Branch Rules, 1120F Interest Expense/Home Office Expense, and Individuals Employed by Foreign Governments & International Organizations. The Division is also reviewing the 2017 Tax Cuts and Jobs Act to determine which existing campaigns, if any, could be affected by changes in the law.

IRS Advises Small Business and Self-Employed Taxpayers to Review Estimated Payments: As part of its ongoing compliance efforts, the IRS today reminded small businesses and self-employed taxpayers that their 3rd quarter estimated payment is due on September 17 and advised taxpayers to use the online withholding calculator to help avoid an unexpected year-end tax bill and possible penalties.