Transition Tax Update and Fact Sheet

Posted March 14, 2018

The Tax Cuts and Jobs Act instituted a transition tax on foreign earnings of certain corporations held by U.S. shareholders. While we are still waiting for regulations to finalize the details, the IRS has provided some guidance, most recently with a website titled “Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns.”

Based on this new information, and previous guidance, we provide the following summary:

Transition Tax Fact Sheet

Hone Maxwell LLP

At Hone Maxwell LLP we concentrate on the full spectrum of federal, state, and local tax issues, including tax planning and tax controversies involving both civil and criminal claims. As attorneys with a public accounting background, we are able to understand the underlying issues, questions, and laws as well as effectively represent our clients and assist them in achieving their goals.