LB&I Division Announces Campaign Targeting Transition Tax Compliance

On July 2, 2018, the Internal Revenue Service’s Large Business and International Division announced a compliance campaign focused on the transition tax provisions of section 965, enacted by the 2017 Tax Act. Section 965 generally requires that U.S. shareholders pay a tax on the untaxed foreign earnings of certain specified foreign corporations. The compliance campaign serves as a notice for taxpayers to fulfill their filing and payment obligations under this provision.

Read more: IRS Announces the Identification and Selection of Five Large Business and International Compliance Campaigns; 2 Large Business and International Campaigns Tackle Repatriation

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