Canadian companies that are controlled foreign corporations (CFCs) may benefit from new U.S. tax reporting relief.
Specifically, the amount of information that certain Canadian companies that are CFCs must provide to certain U.S. shareholders may be significantly reduced, as a result of proposed changes to relax the U.S. tax reporting requirements for these shareholders. These changes were released by the U.S. Treasury Department and IRS on October 1, 2019 in proposed regulations and Revenue Procedure (Rev. Proc.) 2019-40, respectively.
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