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Journal of Accountancy · Recently

AICPA asks Treasury, IRS to change approach to dual consolidated losses

Tax Brief summary and classification of the original reporting.

Bottom Line

💡 AICPA asks Treasury, IRS to change approach to dual consolidated losses. Worth reviewing for potential client impact.

Summary

A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.

Classification

Category: fyiPriority: importantReason: Contains 'treasury' - significant update

Applies To

international

Affected Groups

International tax practitioners

Original Source

We aggregate public tax updates and provide AI-assisted summaries. Please read the original reporting for full details.

Read original article