Tuesday, February 5, 2019

2017 TCJA's "Transition Tax" Continues To Impact 2018 Tax Returns

According to the Advocate Daily Americans living overseas are being warned that the 'transition tax' introduced by the Tax Cuts and Jobs Act 2017 will again have to be taken into account in their 2018 tax returns.

Those who own shares in foreign corporations whose have a fiscal year end other than 31 December must remit their transition tax with their 2018 tax return, and may have to look back as far as 2015 to determine the amount.

They also need to consider the new global intangible low-taxed income (GILTI) tax on controlled foreign corporations.

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