IRS points accounting change pointers for abroad firms

The Kazakh tax authority announces changes in excise duties

The IRS on Tuesday issued guidance on accounting policy changes made by certain overseas companies.

The Guidelines (Rev. Proc. 2021-26) apply to controlled foreign companies and expand the final rules enacted in 2019 for Section 951A that deal with Global Low Intangible Tax Income (GILTI) – a new category of foreign income created in 2017 became tax law.

  • The guidance also extends the use of automatic consent for changes in the depreciation method and addresses, among other things, audit protection.
  • Controlled overseas corporations are companies that are more than 50% owned by US shareholders who own 10% or more of the …