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ECOVIS Global

ECOVIS Global published an article by Tax Director Chuck Gill, about new complex international tax reporting under the TCJA.

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The increased complexities of additional reporting, although somewhat onerous, are not as difficult as having to break down prior cumulative balances for compliance with more detailed reporting requirements... Even a good faith effort could result in an incomplete return, resulting in a plethora of penalties as described above, even if there is no tax liability on the return to which the 5471 disclosure is attached.

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