Three new FAQs covering the Code Sec. 965 transition tax provide welcome penalty and filing relief for taxpayers who make the election to pay the tax in eight annual installments. The transition tax on accumulated foreign earnings is a tax imposed on the untaxed foreign earnings of foreign corporations owned by U.S. shareholders. Penalty and […]
The post FAQs Provide Penalty and Filing Relief for Taxpayers Subject to Code Sec. 965 Transition Tax (IR-2018-131) appeared first on Tax & Accounting Blog.