IRS Updates Q&As about Section 965 Reporting
Posted on Apr 16, 2018 in Individual Taxation, News
On April 13, the IRS updated its Questions and Answers page to include additional discussion on reporting amounts owed under section 965—the so-called “transition tax”—on a taxpayer’s 2017 tax return. The Q&As provide answers to questions on reporting requirements, such as how section 965 amounts are reported or steps that a taxpayer should take if the taxpayer had previously filed its return without reporting section 965 amounts where such reporting was required. The update also discusses what additional reporting is required in connection with section 965 amounts and how a taxpayer should pay its section 965 amounts.
Read more: Questions and Answers About Reporting Related to Section 965 on 2017 Tax Returns