The US IRS today released frequently-asked-questions designed to help taxpayers meet the filing and payment obligations of the section 965 transition tax.
The frequently-asked-questions address issues such as how to report section 965 income and how to report and pay the associated tax liability.
The Tax Cuts and Jobs Act, passed late last year, requires taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and profits had been repatriated to the United States. The new law outlines details on the tax rates and allows some taxpayers to pay the transition tax over eight years.
The IRS said it will provide additional guidance on this topic in the coming weeks.
Greedy government. Illegal legislation.