Tax Warrior Chronicles

IRS OFFERS PENALTY AND FILING RELIEF ON TRANSITION TAX

Posted on Fri, Jun 08, 2018

By: Yi Yang, CPA, MBA

 

Since our last post on the mandatory Section 965 Transition Tax, the IRS has provided additional guidelines on the reporting procedures for 2017 tax returns.  In today’s post, we’ll delve deeper into the guidelines and learn how you may secure some penalty and filing relief.

Read More

Part IV (of 4) MANDATORY TRANSITION TAX ON CERTAIN DEFERRED FOREIGN INCOME

Posted on Wed, Apr 11, 2018

By: Yi Yang, CPA, MBA and Steven Braun, CPA

 

Here we are at the final part of this four-part series on the Mandatory Transition Tax.  The first three parts, explained which taxpayers are subject to the Transition Tax, the due dates of the Transition Tax for different taxpayers, the complexity in determining taxable income for the Transition Tax, and two key components in determining taxable income subject to the Transition Tax: accumulated post-1986 deferred foreign income (DFI) and U.S. shareholder’s aggregated foreign cash position. In Part IV, we provide examples illustrating the calculations of the Transition Tax.

Read More