US: IRS releases final versions of CbC form and instructions

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The Internal Revenue Service has recently released final versions of the form and instructions for filing country-by-country (CbC) reports.

Parent entities of U.S. multinational enterprise (MNE) groups with $850 million or more of revenue in a previous annual reporting period are required to file Form 8975, Country-by-Country Report. Form 8975 is used to report a U.S. MNE group’s income, taxes paid, and other indicators of economic activity on a country-by-country basis.

Form 8975 must be filed for the U.S. MNE group’s first reporting period in the tax year that starts on or after June 30, 2016. It must be filed with the income tax return of the parent entity in which the reporting period ends and cannot be filed as a stand-alone return. It can be filed for reporting periods that begin before the first required reporting period. Form 8975 and its schedules can be filed in the modernized e-file (MeF) XML schema format. Parent entities not permitted to file returns electronically must file Form 8975 with their paper income tax return.

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