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U.S. Inbound Corner

U.S. Inbound Corner is a bulletin of the latest tax developments affecting businesses investing into the United States. Written by professionals of the Deloitte member firms, the newsletter provides invaluable insights on a broad range of topics affecting US inbound taxpayers.​

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October 2015

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October 2015

OECD Releases Final BEPS Report: On Monday, October 5, 2015 the Organization for Economic Cooperation and Development (OECD) released the 2015 Final Reports on the G20/OECD Base Erosion and Profit Shifting (BEPS) project. Recommended changes include changes to domestic laws, the OECD Model Tax Convention, and the OECD Transfer Pricing Guidelines among other important proposals.

State Corporate Income Tax Update: What’s happened during the 2015 legislative sessions?: On November 4, 2014, voters in 36 states chose governors, which resulted in 11 new chief executives and six changes in party affiliation. These changes helped place state tax policy front and center during the 2015 state legislative season. This article highlights, jurisdiction by jurisdiction, some of the corporate income tax legislative changes that have been enacted thus far during the 2015 legislative season.

FATCA: IRS publishes Notice 2015-66 announcing extension of certain transitional rules under Chapter 4: On September 18, 2015, the IRS published Notice 2015-66 announcing its intent to amend the chapter 4 regulations, extending certain transitional rules.

Recent Legislation Increases Information Reporting Penalties: The Trade Preferences Extension Act of 2015, Public Law No: 114-27 (“Legislation”), which was signed into law on June 29, 2015, amends penalties applicable under IRC section 6721. The amendments apply to returns and statements required to be filed after December 31, 2015. These increases may impact taxpayers across all industries, not just within financial services.

California Updates Federal Tax Conformity to January 1, 2015: On September 30, 2015, Governor Jerry Brown signed into law Assembly Bill 154 (A.B. 154), which advances California’s federal tax conformity to the IRC as of January 1, 2015, and resolves ambiguities surrounding the validity of California’s prior conformity bill. This Multistate Tax Alert summarizes these law changes, which are effective immediately and operative for taxable years beginning on or after January 1, 2015.

Calendars to watch: Each edition, be sure to mark your calendars for some of the more important events (recent and upcoming) as well as tax developments making in impact on businesses investing into the United States.

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