Tax Rules May Take Backseat as IRS, Treasury Triage Amid Pandemic

Tax practitioners who were once optimistic about seeing final international tax rules soon are no longer holding their breath.

Multinationals have been waiting on final rules on new 2017 tax law provisions such as a deduction on American-made exports and a new foreign income category. But practitioners are telling their clients they may have to wait a lot longer amid the economic shock caused by the Covid-19 pandemic.

“This virus has a really significant impact on people where it’s life or death while also impacting economics, so while you wish you had clear guidance, think of the long list of ...