On May 11, 2009, the Treasury Department released the highly anticipated Treasury Green Book, General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals. In addition to other tax proposals, the Green Book provides details on the international tax proposals, estimated to raise approximately $210 billion over 10 years (FY2010-FY2019).
The proposals are intended to principally operate by eliminating or reducing deferral of U.S. tax on multinationals’ overseas income and by strengthening reporting requirements and enforcement targeted at capturing additional tax dollars from unreported offshore income, primarily from foreign bank and investment accounts.
PKF Texas International Tax Directors, Frank Landreneau, CPA, and Eddie Goldsberry, CPA have written an article dicussing the potential impact of these proposals, which can be found on our website at www.www.pkftexas.com/GreenBook.
Be sure to check out www.pkftexas.com regularly, as we post tax updates and other information as soon as we receive notification of decisions by the standards setters.