As tax experts dig deeper into the fine print in the newly passed HIRE Act, they’re finding an awfully big club meant to assure compliance with foreign tax reporting obligations.
Accounting firms have found the provision alarming enough that several have sent out a second wave of alerts to clients, a post-script to their earlier guidance on how the HIRE Act would work. “The financial statement implications of the new law are significant,” warns Lauren Roberts, a senior manager with KPMG’s Washington national tax group.
The HIRE Act, signed by President Obama on March 18 as the Hiring Incentives to Restore Employment ...