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IRS Adds To Transition Tax Guidance

by Mike Godfrey, Tax-News.com, Washington

16 March 2018


The Internal Revenue Service (IRS) has issued additional information to help taxpayers to meet their filing and payment obligations for the newly introduced Section 965 transition tax.

The Tax Cuts and Jobs Act passed in December 2017 requires various taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and profits had been repatriated to the US. The new law outlines details on the tax rates, and certain taxpayers may elect to pay the transition tax over eight years.

The IRS released answers to frequently asked questions, including on how to report Section 965 income and how to report and pay the associated tax liability. The information on IRS.gov also provides details on the several elections under Section 965 that taxpayers can make.

The Treasury Department and the IRS previously released three pieces of guidance related to section 965 issues, including Notices 2018-07 and 2018-13 and Revenue Procedure 2018-17.

"The IRS will provide additional guidance and other information on IRS.gov in the weeks ahead," said the agency.

TAGS: tax | law | Internal Revenue Service (IRS) | legislation | transfer pricing | United States | legislation amendments | individual income tax | BEPS

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