Daily Tax Report ®

Proposed Anti-Abuse Tax Rules Need Clarity, Industry Groups Say

March 25, 2019, 10:11 PM

Proposed rules for a 2017 tax law provision aimed at stopping U.S. multinationals from shifting profits offshore would create a significant tax burden for natural gas and oil companies and other industries, group representatives said during an IRS hearing.

“The amounts at issue for our industry are so material that further clarification to these rules as applied to hedge-related payments is necessary to provide taxpayers certainty for financial reporting and tax filing purposes,” said Stephen Comstock, director of tax and accounting policy at the American Petroleum Institute (API), which has more than 600 member companies including Chevron Corp. and...

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