Welcome
Daily Tax Report: International

Ecolab Adds to Call for IRS to Make Re-Doing Tax Returns Easier

Feb. 14, 2020, 8:35 PM

Ecolab Inc. called on Treasury to offer multinational companies an easier process for amending tax positions.

That idea is something the IRS is already considering, the agency’s top lawyer said Thursday. Such a solution could spare companies from the costly and time-consuming process of having to amend returns every year, Ecolab said.

Amending returns got more attention after the 2017 tax law shifted filing to a year-by-year system, where there is no pooling, carry-back, or carry-forward of foreign tax credits. That means companies with recalculated foreign taxes must notify the IRS of that change in an amended federal return,...

To read the full article log in. To learn more about a subscription click here.