2018 – 01/22

The IRS has issued guidance for computing the “transitional tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act (TCJA). The guidance details future rules that address the calculation of earnings under the transition tax and other rules to clarify certain aspects of the new law. The TCJA requires certain foreign corporations to increase their subpart F income for their last tax year that begins before Jan. 1, 2018, by the amount of deferred foreign income. Read IRS Notice 2018-13 here: http://bit.ly/2Dygqf0

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