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Transition Tax Update and Fact Sheet

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

Disclaimer: Hone Maxwell LLP articles and blogs are not intended as legal advice. Additional facts, facts specific to your situation or future developments may affect subjects contained herein. Seek the advice of an attorney before acting or relying upon any information herein.

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