Six Last-Chance Tax Breaks

Do you qualify for these last-chance tax breaks? The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As…

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Transition Tax on Untaxed Foreign Earnings

IRS Provides Guidance on Transition Tax Applicable to Certain Untaxed Foreign Earnings On December 29, 2017, IRS released Notice 2018-07 providing preliminary guidance on the “transition tax” that was enacted as part of tax reform legislation, the Tax Cuts and Jobs Act. Newly enacted Internal Revenue Code Section §965 imposes a tax on untaxed accumulated…

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