IRS Cancels Hearing on Previously Taxed Income Regulations

The IRS and Treasury Department have canceled a meeting scheduled for 10 a.m. Oct. 2 to go over proposed regulations on previously taxed earnings and profits of foreign corporations and related basis adjustments.

The government is expected to issue final regulations on previously taxed earnings and profits, or PTEP, under the global intangible low-tax income tax, or GILTI. The IRS and Treasury have been working on these regulations for years, and they were included in the spring regulatory agenda released in August.

The New York State Bar Association in July asked the agencies to consider ways to simplify their ...