Corptax Announces Form 8975 for Filing of Country-by-Country Reporting in 2017
Announcement made the day after the Treasury Department and Internal Revenue Service released final rules for adopting the guidelines recommended by the Organization for Economic Cooperation and Development (OECD) as part of its Base Erosion and Profit Shifting (BEPS) initiative.
Deerfield, Ill., June 30, 2016. Corptax, the leading provider of software solutions for corporate tax, announces that it will provide filing of the newly designated Form 8975, Country-by-Country (CbC) report for both the mandated filing of the 2017 tax year in 2018 and the optional filing for the 2016 tax year in 2017.
While in the final regulations released on June 29, 2016, Treasury maintained an effective date of tax years beginning after June 30, 2016, it did announce that the IRS would accept optional early filing by US-headquartered multinational enterprises for tax years beginning on or after January 1, 2016. In addition to supporting the mandated filings, Corptax will provide early filing for its customers that will meet forthcoming guidance with respect to early filings.
Corptax® BEPS CbC, released fall of 2015, already acts as the system of record for organizing, maintaining and analyzing data required for CbC reporting. Corptax single system automation allows customers to leverage data already in the system—such as amounts, entity information and structures—as well as to bring data in from other sources, to simplify and streamline global compliance. It is an end-to-end CbC reporting solution.
Corptax provides a sustainable process to identify, collect, store, validate and analyze data. Additionally, the flexible reporting structure enables the user to review data from a consolidated level down to a detailed transactional level ensuring compliance with federal and global guidance.
Corptax transforms the business of tax through technology, business process expertise and award-winning support. Clients achieve breakthrough tax performance using the first and only single-platform solution on the market, offering unmatched automation to align processes and workflows, enhance transparency, improve accuracy and lower risk across the corporate tax lifecycle. For more than 40 years, Corptax has supported the evolving tax needs of leading organizations in many industries. Today, Corptax helps over 800 clients in 100 countries, including 50 percent of the Fortune 500 and 60 percent of the Fortune 100, nationally.
Corptax Media Contact: