The Treasury and IRS have modified Form 8975, Country-by-Country Report, information reporting requirements for U.S. multinational enterprise (MNE) groups that are specified, national security contractors. In general, less information will need to be reported by specified national security contractors under the modified requirements. Because the U.S. is on track to exchange information in the CbC reports by June 2018, amended returns should be filed on April 20, 2018 (for paper returns), or May 25, 2018 (for electronic returns) to prevent the originally filed information from being exchanged.

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Please call our office so we can discuss whether the modified Country-by-Country reporting requirements apply and whether amended returns will need to be filed.