{"id":314,"date":"2018-10-31T16:27:22","date_gmt":"2018-10-31T16:27:22","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=314"},"modified":"2018-10-31T16:27:43","modified_gmt":"2018-10-31T16:27:43","slug":"irs-issues-proposed-regulations-reducing-potential-income-inclusions-certain-domestic-corporations-stock-foreign-corporations","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-issues-proposed-regulations-reducing-potential-income-inclusions-certain-domestic-corporations-stock-foreign-corporations\/","title":{"rendered":"IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations"},"content":{"rendered":"<p>IR-2018-210, Oct. 31, 2018<\/p>\n<p>WASHINGTON \u2014 The Internal Revenue Service today issued <a title=\"REG-114540-18, Amount Determined Under Section 956 for Corporate United States Shareholders\" href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/reg-114540-18.pdf\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"8b5c81a2-6935-46aa-8789-0c9bfb62c162\">proposed regulations<\/a> \u00a0reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs).<\/p>\n<p>The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including enacting a participation exemption system for the taxation of certain foreign income. The new proposed regulations are intended to ensure that the application of section 956 is consistent with the new participation exemption system.<\/p>\n<p>Treasury and IRS welcome public comments on these proposed regulations. For details on submitting comments, see the proposed regulations.<\/p>\n<p>Updates on the implementation of the TCJA can be found on the <a title=\"Tax Reform\" href=\"https:\/\/www.irs.gov\/tax-reform\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"e8471673-3c14-4749-a65f-96bb3ea9e361\">Tax Reform page<\/a> of IRS.gov .https:\/\/www.irs.gov\/newsroom\/irs-issues-proposed-regulations-reducing-potential-income-inclusions-for-certain-domestic-corporations-that-own-stock-in-foreign-corporations<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2018-210, Oct. 31, 2018 WASHINGTON \u2014 The Internal Revenue Service today issued proposed regulations \u00a0reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-314","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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