Five Key Takeaways From the Proposed PTEP Regulations
By EsqSocial Corporation 24/12/24
Taxpayers have been eagerly awaiting, and the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have been promising to provide, rules addressing the previously taxed earnings and profits (PTEP) of foreign corporations. On November 30, 2024, the Treasury and the IRS made good on their promise. The proposed PTEP regulations are generally welcome news for taxpayers seeking certainty about long-standing issues, including the treatment of mid-year distributions, Section...
By: McDermott Will & Emery