The IRS today released an updated version of “frequently asked questions” (FAQs) concerning country-by-country (CbC) reporting.
Among the new FAQs are items addressing guidance for “specified national security contractors” pursuant to Notice 2018-31 (see FAQs D-4 and D-5). Read the updated FAQs on CbC reporting. Read more about Notice 2018-31 in TaxNewsFlash
An IRS transmittal message includes information about Notice 2018-31; information about the jurisdictional status table updates; and information for taxpayers that file paper versions of Form 8975 and Schedule A (Form 8975) and that receive letters from the IRS notifying them of errors with their filing (these taxpayers are urged to submit an amended return by 20 April 2018 so that their CbC reports are exchanged in June 2018).
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