The U.S. Internal Revenue Service (IRS) has proposed regulations on the Sec. 59A base-erosion anti-abuse tax (BEAT), added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. The proposed regulations provide guidance regarding the BEAT, which is imposed on base-erosion payments of taxpayers with substantial gross receipts, and regarding the related reporting requirements. They would affect corporations with substantial gross receipts that make payments to foreign related parties and corporations required to report under Secs. 6038A and 6038C. Read more (PDF) at the IRS website.