Tag Archives: Section.965

The Supreme Court Takes Up a Wealth Tax; You May Need to File a Protective Claim for Refund

Posted on June 26, 2023 by Russ

At the end of 2017, Congress passed the Tax Cuts and Jobs Act (TCJA).  This complex measure added some deductions (such as the Deduction for Qualified Business Income), added restrictions on other deductions (such as the $10,000 limit on taxes … Continue reading →

Posted in IRS, Supreme Court | Tagged | Comments Off on The Supreme Court Takes Up a Wealth Tax; You May Need to File a Protective Claim for Refund

IRS Offers Penalty and Filing Relief on New Transaction Tax on Foreign Earnings

Posted on June 4, 2018 by Russ

Individuals who own foreign entities typically have complex returns. I prepare returns for three such individuals; they’re all on extension. Yet one item needed to be prepared for these individuals by April 18th: the new Section 965 transition tax. One … Continue reading →

Posted in International, IRS | Tagged | Comments Off on IRS Offers Penalty and Filing Relief on New Transaction Tax on Foreign Earnings