Court Stays GILTI Challenge Pending Outcome Of Similar Case
A federal court won't rule on whether an Israeli law firm can challenge IRS regulations governing the tax on global intangible low-taxed income until a similar case involving the transition tax on foreign earnings is decided, the court said.
Both actions hinge on whether plaintiff Monte Silver, an expatriate attorney, is considered a "small entity" under the Regulatory Flexibility Act giving the court jurisdiction to decide the case, U.S. District Judge Colleen Kollar-Kotelly said in an order Tuesday.
Silver is challenging regulations issued under two provisions of the 2017 U.S. Tax Cuts and Jobs Act : GILTI, set forth in Internal Revenue Code Section 951A, and the transition tax under Section 965.
For full story, see www.law360.com/tax-authority/international/articles/1355975/court-stays-gilti-challenge-pending-outcome-of-similar-case?nl_pk=3560c92a-1bea-45d9-9031-755103ceea2f&utm_source=newsletter&utm_medium=email&utm_campaign=tax-authority/international