The IRS canceled a public hearing on how foreign corporate profits are taxed

The US Treasury Department and IRS canceled a public hearing on proposed rules for how foreign corporate profits are taxed. This means companies will not get a chance to publicly comment on the rules before they are finalized.

Public hearings are a standard part of the rulemaking process. They allow companies and individuals to raise concerns or suggest changes. Canceling a hearing on economically significant rules suggests the agencies are confident in their proposal or want to move forward quickly without further public input. This could mean less flexibility for companies dealing with international tax issues.