On 18 January 2018, the IRS issued a release announcing updates and information regarding country-by-country (CbC) reporting requirements in the United States.
Under the update list, IRS publishes new content on Country-by-Country (CbC) reporting which is now available on CbC Reporting FAQs pages. A status update of jurisdictions with recently signed Competent Authority Arrangements for the exchange of CbC reports.
In addition, IRS issues a reminder for U.S. multinational enterprises (MNEs) filing paper versions of Form 8975 and Schedules A (Form 8975) to follow the instructions carefully because Form 8975 data received on paper must contain appropriate entries as described in the instructions to be converted for electronic exchange. A reminder for U.S. MNEs amending Form 8975 and Schedules A (Form 8975) to follow the amended return instructions and to check the amended report “checkbox” at the top of Form 8975.
