As laws continue to change for governments around the world, one thing is for sure: Simplified tax compliance is still a pipe dream. U.S. multinational corporations or companies (MNCs) know this all too well.
In 2017, U.S. federal tax reform led to the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The TCJA included an expanded international anti-deferral regime, new global intangible low-taxed income provisions in Secs. 951A and 250.
MNC obstacles include, but are in no way limited to, the unprecedented Wayfair decision, other economic nexus law changes and the anticipation of global taxation laws. MNCs are encouraged to proactively analyze U.S. state tax laws as well as monitor the impending digital economy guidance on a global basis.