CCH Axcess IQ prioritizes impacted clients based on newest CFCs tax law changes

Analyzing the long list of clients impacted by a new tax legislation change can be a daunting task when new changes are introduced, such as the November 19, 2019 change for Related Persons and Active Trade for CFCs. However, it doesn’t have to be when CCH Axcess iQ is incorporated into your workflow.

Accurately keep up with rapid tax law changes

CCH Axcess allows firms to get specific and provides efficiency for firms who are wanting to not only get ahead of the many legislation changes but stay in compliance with them.

Changes come fast from the IRS, and as a result, CCH Axcess iQ is here to help. For example, a new event in CCH Axcess iQ now helps firms with changes relating to indirect ownership in a controlled foreign corporation.

Guidance Related Persons and Active Trade or Business Exception for CFCs

The IRS has issued final regulations applying to US persons with direct or indirect ownership interest in (CFC) controlled foreign corporations. Determine whether a person is a related person for Subpart F income inclusions.

This guidance adopts proposed regulations without change and is effective for tax years of the CFS ending on or after November 19, 2019, along with tax years of United States shareholders which such tax years end.

Value Add Opportunities with CCH Axcess iQ

One of the many unique features of CCH Axcess iQ is that it will show the firm’s Affected Clients list based on what relevant criteria. Detailed enhancements to this feature are coming soon!

If tax season has your schedule booked – free up time with CCH Axcess iQ. Use the Affected Clients feature allowing firms to quickly see who may be affected by this legislative change.

The four kinds of attributions include:

  1. Among family members
  2. From a corporation, partnership, estate or trust to a person holding an interest in the entity
  3. From an interest-holder entity
  4. Stock ownership based on the holding of options or similar interests.

Time spent comes with opportunity cost. Enhance your competitive advantage with CCH Axcess iQ today! There is plenty to discuss. Let CCH Axcess iQ do the analytical work, freeing up time for firms to create and facilitate engagements necessary to ensure compliance with rapidly changing tax laws!

Learn how CCH Axcess iQ can help you identify clients affected by recent legislative changes. Contact a Solutions Consultant or register for a demonstration today.  

AUTHOR

Alexa Crusinberry

All stories by: Alexa Crusinberry