The Section 965 transition tax on deferred foreign income of U.S. shareholders of foreign corporations.
Taking its cue from previous audit campaign announcements, the IRS has begun sending “soft letters” to U.S. taxpayers owning foreign companies about IRC Section 965 transition tax compliance.
Read MoreDespite recent staff shortages and human resource challenges due to COVID-19, the IRS continues to march forward with its campaigns focused on international tax compliance.
Read MoreOwners of fiscal-year foreign corporations (i.e., corporations that do not have a tax year end of December 31) owing “transition tax” generally have the luxury of waiting until next year’s tax season…
Read MoreTo further ease the pain of the transition tax on foreign company owners, the IRS has amended its FAQs page to include more relaxed deadline rules for both filing and paying the tax in installments.
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