The Treasury Department is struggling to finalize guidance that will tell taxpayers how to elect out of the 2017 tax overhaul’s new category of foreign income, a department official said.
“We’re looking at comments. It’s interesting because this election is so taxpayer fact-specific that the comments have not been uniform as far as design features. Not everyone benefits from the same design features,” international tax counsel Douglas Poms said at the American Institute of CPAs conference Nov. 13.
- “Some people will be happy and some people won’t” with Treasury’s final high-tax exclusion rules, Poms said.
- The global intangible low-taxed ...