Revenue Code now requires some taxpayers to pay tax on the untaxed foreign earnings of certain foreign corporations as if the earnings had been repatriated to the United States. This will take effect for the 2017 tax year for a majority of taxpayers.
As with any change in tax law, the new provisions left more questions than answers. Thankfully, the IRS recently issued guidance in the form of a Q&A to help shed light on how to report under Section 965.
Below are a few highlights:
1. Paying the tax -
2. Reporting -
3. Elections -
4. Foreign reporting -
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