There's confusion among taxpayers on how to handle 2017 tax obligations. Because of this, the American Institute of CPAs is asking the Treasury and the Internal Revenue Service for immediate guidance on Code Section 965 transition tax reporting.
As part of the Tax Cuts and Jobs Act, the Sec. 965 transition tax requires U.S. shareholders, including individuals, trusts and estates to report and pay tax on the earnings of certain foreign companies as if they had been repatriated to the United States.
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