US IRS updates Q&As on country-by-country reporting to reflect national security exception

The US IRS on April 10 added two new entries to its Q&As that provide guidance to large multinationals that must file country-by-country reports on their tax affairs with the government. Both entries address the new national security exception to country-by-country guidance, discussed in Notice 2018-31, released March 30.

The following new questions are addressed:

D4. If a U.S. MNE group is a specified national security contractor, as defined in Notice 2018-31, what information should this U.S. MNE provide on Form 8975 and Schedule A (Form 8975)?

D5. If a U.S. MNE group is a specified national security contractor and has already filed Form 8975 and Schedules A (Form 8975) for prior reporting periods, will this information be exchanged in June 2018?’

Editor’s note: this article was corrected 4/11/2018 to reflect the correct release date for the Q&A  changes.