On September 18, TEI submitted comments to the Treasury and IRS regarding proposed regulations under section 951A, better known as “GILTI”, commending the Government on the proposed GILTI high-tax exception and recommending certain changes to the exception consistent with sound tax policy.
On May 6th, TEI submitted comments to the Internal Revenue Service and U.S. Department of the Treasury regarding proposed regulations on the new section 250 deductions for foreign-derived intangible income and global intangible low-taxed income.
On November 26th, TEI submitted comments to the Treasury and IRS regarding proposed regulations providing guidance under section 951A regarding global intangible low-taxed income.
TEI, through its Financial Reporting Committee and under the leadership of chair Stephen Dunphy (Silicon Valley Chapter), filed comprehensive comments with the FASB on the financial statement treatment under ASC 740 of the new BEAT (Base Erosion Anti-Abuse Tax) and the GILTI (Global Intangible Low-Taxed Income) tax regime. The BEAT and GILTI were enacted as part of tax reform legislation signed into law on December 22, 2017.