The IRS has released guidance related to Code Section 965 which was added by the Tax Cuts and Jobs Act of 2017 (TCJA). Code Section 965 imposes a transition tax that calendar year taxpayers must pay with their 2017 tax returns if they have investments in certain specified foreign corporations. The guidance is provided via Frequently Asked Questions (FAQ) posted to the IRS website.
Here is a letter the AICPA sent to Congress for technical corrections to the tax reform law.
This article was submitted by Chad Halstead, Katz Sapper Miller. If you would like to submit content or write an article for the Tax Section, please email Kara Sikorski at firstname.lastname@example.org.