The IRS today issued a release announcing that it was now accepting country-by-country (CbC) reports.
The IRS transmittal message explains that parent entities of U.S. multinational enterprise (MNE) groups with $850 million or more of revenues in a previous annual reporting period can now file Form 8975, Country-by-Country Report, with their annual income tax return.
Form 8975 [PDF 54 KB], and Schedule A [PDF 86 KB] will be used to report a U.S. MNE group’s income, taxes paid, and other indicators of economic activity on a country-by-country basis. Read the Form 8975 instructions [PDF 164 KB].
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