Stay informed and prepared for the changes to the US taxation system
The Trump administration's plan for comprehensive tax reform is a concern for Canadian companies that are invested in the United States. Companies with activities in the United States will need to stay informed and prepared for this impending overhaul of the US taxation system.
PwC Canada was engaged by the Business Council of Canada to estimate the impact of the United States Tax Cuts and Jobs (“US tax reform” or the “Act”) on the Canadian economy.
PwC submitted a comment letter on July 12 regarding the proposed regulations under Section 1446(f)
Treasury and the IRS released proposed regulations under secs. 1291, 1297, and 1298, which contain rules regarding PFICs
Treasury released temp, regulations aimed at preserving the structure of the scheme on taxation of foreign earnings.
Section 1341 may help taxpayers that paid tax on income at a high rate and later deducted a repayment at a lower rate.
Florida enacted legislation providing a deduction for global intangible low-taxed income retroactive to January 1, 2018.
California selectively conforms to federal tax reform changes
Treasury and the IRS on June 14, released temporary regulations under Section 245A as enacted by the 2017 tax refrom.
Treasury and the IRS on June 14, 2019 released final regulations and proposed regulations under Section 951A.