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The U.S. tax law enacted in December 2017 (the 2017 Tax Act) was a game changer for many businesses—especially for multinational organizations as new tax concepts were layered on the existing tax system and had a significant impact on an organization's effective tax rate. The landscape may become even more complicated with the potential adoption of the Biden administration's tax proposals. Even the most experienced international tax practitioners can become mired in the complexity when evaluating the potential impact of these rules on a company's global operations.
KPMG international tax reform analyzer (ITRA) is an Excel-based tool that allows for extensive modeling of international tax rules with support from experienced International Tax professionals to help tailor modeling and identify significant planning opportunities. ITRA can help you with increased visibility into your global tax profile, the key drivers of your global effective tax rate, and what planning can be considered to potentially improve your tax position.
ITRA key features:
ITRA also links to other KPMG tax tools, providing a broader picture of the potential impact of tax reform, including:
ITRA's tax compliance connector (ITRA's Connector) interfaces directly with third-party corporate income tax compliance tools, such as Corptax and Thomson Reuters ONESOURCE Income Tax compliance software. Without this automated interface, multinational companies may experience gaps and inefficiencies in connecting their international tax calculations to completed tax forms.
The complex and evolving previously taxed earnings and profits (PTEP) rules have become the centerpiece of cross-border cash management and attribute tracking. An add-on to ITRA, the PTEP module allows users to model distribution scenarios to understand the potential tax implications and facilitate decision-making.
Section 987 gain/(loss) calculations and related tracking of pools are complicated and time-consuming. The KPMG Section 987 Model helps clients understand the potential impact of Section 987 gain/(loss) transactions, support efficient tax return preparation, and make informed tax planning decisions. Outputs from the model can be used with ITRA, so client can take full advantage of ITRA's scenario planning capabilities.
