The IRS Releases Additional Guidance on Penalties Related to the Transition Tax

The IRS announced that it will waive the estimated tax penalty for taxpayers subject to the transition tax under section 965 in certain instances, such as (1) for any taxpayer that improperly applied a 2017 overpayment to a 2018 estimated tax liability, and (2) for any individual that missed the April 18, 2018 deadline for making the first payment.

Read more: IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings; Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns

Back to top