IRC Section 965 Transition Tax Services
The Internal Revenue Code (IRC) Section 965 was amended as a result of the U.S. tax reform and imposed mandatory repatriation (transition tax) on many individual and corporate U.S. Shareholders of foreign corporations. The tax is retroactive for some U.S. shareholders and punitive. Limited guidance has been issued by the Department of Treasury and the Internal Revenue Service (IRS), with more guidance and regulations to come.
U.S. Tax IQ is here to help. We have both U.S. tax lawyers and U.S. accountants on the team, which puts us in a unique position to assist our clients in navigating the complex world of international taxation and, more specifically, the IRC Section 965 transition tax. Whether you are a U.S. shareholder of a Canadian or foreign corporation, a Canadian tax accountant or Canadian lawyer who believes your clients may be subject to the transition tax, but may benefit from a better understanding of how the new law operates, we are here to help.
Please feel free to set up a consultation on the top right corner of our website, to speak with one of our tax professionals. We can assist in supplementing your tax knowledge to assist your clients, help prepare the calculations and help create the necessary statements that are required to be filed with your tax return.