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auto;padding:9px;font-size:12px;text-align:center}.a2a_note .a2a_note_note{margin:0;color:#2A2A2A}.a2a_wide a{display:block;margin-top:3px;border-top:1px solid #EEE;text-align:center}.a2a_label{position:absolute!important;clip:rect(1px 1px 1px 1px);clip:rect(1px,1px,1px,1px);clip-path:polygon(0 0,0 0,0 0);-webkit-clip-path:polygon(0 0,0 0,0 0);overflow:hidden;height:1px;width:1px}.a2a_kit,.a2a_menu,.a2a_modal,.a2a_overlay{-ms-touch-action:manipulation;touch-action:manipulation}.a2a_dd img{border:0}.a2a_button_facebook_like iframe{max-width:none}<\/style>\n<p><script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.feedback.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.feedback.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.survey.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.survey.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.record.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.record.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.utils.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.utils.js\"><\/script> <script src=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.trigger.js\" type=\"text\/javascript\" charset=\"utf-8\" async=\"\" data-vendor=\"fs\" data-requirecontext=\"_\" data-requiremodule=\"\/\/gateway.foresee.com\/code\/19.5.2\/fs.trigger.js\"><\/script><\/p>\n<div class=\"dialog-off-canvas-main-canvas\" data-off-canvas-main-canvas=\"\">\n<div class=\"pup-main-container container\">\n<div class=\"row\">\n<div class=\"pup-header-content-rt no-gutter col-sm-12 col-md-9\">\n<div class=\"region region-content\">\n<article class=\"pup-article full clearfix row\">\n<div class=\"col-md-12 col-sm-12 col-xs-12\">\n<div class=\"field field--name-body field--type-text-with-summary field--label-hidden field--item\">\n<p>IR-2019-128, July 16, 2019<\/p>\n<p>WASHINGTON \u2014 The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings.<\/p>\n<p>The Tax Cuts and Jobs Act requires certain taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and profits have been repatriated to the\u200e United States. The law provides details on the income that must be recognized. It also provides a related deduction which generally lowers the effective tax rate to between 8% and 15.5%. Certain taxpayers may elect to pay the transition tax over eight years.<\/p>\n<p>The IRS released information in a <a title=\"General Section 965 questions and answers (including transfer and consent agreements)\" href=\"https:\/\/www.irs.gov\/newsroom\/general-section-965-questions-and-answers-including-transfer-and-consent-agreements\" data-entity-uuid=\"9d775a1a-d86a-4e50-9ec9-ba007598a70b\" data-entity-type=\"node\" data-entity-substitution=\"canonical\">question and answer format (Q&amp;A) related to Section 965<\/a> that addresses certain general issues that are not specific to the filing of a 2017 or 2018 tax return. The issues addressed include how to make subsequent installment payments when the transition tax is paid over eight years. The Q&amp;As also address the filing of Transfer Agreements and Consent Agreements. Additional information regarding <a title=\"International taxpayers and businesses\" href=\"https:\/\/www.irs.gov\/newsroom\/international-taxpayers-and-businesses\" data-entity-uuid=\"65356d5c-bd10-4cde-acd8-b4047be4e997\" data-entity-type=\"node\" data-entity-substitution=\"canonical\">Section 965<\/a> can be found at IRS.gov.<\/p>\n<p>The Treasury Department and the IRS released <a title=\"final regulations related to Section 965\" href=\"https:\/\/www.federalregister.gov\/documents\/2019\/02\/05\/2019-00265\/regulations-regarding-the-transition-tax-under-section-965-and-related-provisions\">final regulations related to Section 965<\/a> in February and last month released <a title=\"final GILTI regulations\" href=\"https:\/\/www.federalregister.gov\/documents\/2019\/06\/21\/2019-12437\/guidance-related-to-section-951a-global-intangible-low-taxed-income-and-certain-guidance-related-to\">final GILTI regulations<\/a> which include revisions to the Section 965 final regulations.\u00a0 \u00a0https:\/\/www.irs.gov\/newsroom\/irs-provides-additional-details-on-transition-tax-on-untaxed-foreign-earnings<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>IRS provides additional details on transition tax on untaxed foreign earnings | Internal Revenue Service IR-2019-128, July 16, 2019 WASHINGTON \u2014 The Internal Revenue Service provided additional information to help [&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-552","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 provides additional details on transition tax on untaxed foreign earnings - 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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