Periodically review international tax calculations to reduce exposure and identify opportunity.
Key takeaways
Keeping up to date with ever-changing international tax law is vital for success.
Ensure transfer pricing, VAT, and global information reporting and withholding policies and procedures are in place.
More than five years have passed since the Tax Cuts and Jobs Act of 2017 (TCJA) brought sweeping changes to the U.S. international tax landscape. Congress continues to balance taxpayer demands for long-overdue guidance on TCJA provisions with the need to address the imminent Pillar Two initiative. Moreover, taxpayers continue to litigate Congress’ authority in the courts.
While the fiscal environment remains unclear, taxpayers should prepare for an increase in their global effective tax rate and tighter reporting standards over the next couple of years. Less cash on hand and higher interest rates may inspire taxpayers to revisit basic international tax concepts to reduce their tax burden and increase their internal cash flow. Planning is therefore key.
RSM has created this year-end international tax planning guide with numerous items for your consideration.
RSM contributors
-
-
-
Tansy JefferiesPrincipal -
Ayana MartinezPrincipal
Download RSM's 2024 year-end tax planning guides
Take these steps to build resilience and promote tax-efficient operations
