Daily Tax Update - June 30, 2017: IRS Releases Country-by-Country Reporting Pages on Website

IRS Releases Country-by-Country Reporting Pages on Website:  Today the IRS announced the launch of country-by-country reporting pages on irs.gov. These pages provide background information on country-by-country reporting, frequently asked questions, and other helpful resources, including a list of jurisdictions that have concluded competent authority arrangements with the United States. 

European Parliament Releases BEPS Briefing:  The European Parliament released a briefing providing an overview of the Organization for Economic Cooperation and Development (OECD) Base Erosion and Profits Shifting (BEPS) project. The briefing also highlights progress made with respect to certain of the BEPS actions.

Miscellaneous Guidance:

Revenue Procedure 2017-41 modifies the procedures for issuing opinion letters regarding the qualification of retirement plans under sections 401, 403(a), and 4975(e)(7). The revenue procedure modifies the IRS pre-approved letter program by combining the master and prototype (M&P) and volume submitter (VS) programs into a new opinion letter program. It also increases the types of plans eligible for pre-approved status under the program and permits greater flexibility in the design of pre-approved plans. 

Notice 2017-37 contains the cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans for 2017 (2017 Cumulative List).