IRS Releases More Guidance on Transition Tax for Foreign Earnings


David Noren said new IRS guidance to help US companies calculate the transition tax on untaxed foreign earnings of foreign subsidiaries under the new tax bill “provides another tranche of urgently needed guidance on the application of the transition tax.” He applauded the IRS “for moving so fast to answer so many important questions that taxpayers are encountering in trying to apply the statute,” and hoped for “additional rounds of guidance.”