The Fallacy of Tax Deferral — All You Need to Know About the Section 965 Transition Tax!

UPDATED: On June 5, 2018 at 12:00pm (East­ern Time), join us for a free webi­nar with U.S. tax attor­ney Alex­ey Man­a­suev, LL.M. (Int’l Tax), NYU, TEP, and U.S. tax accoun­tant Bran­don Vucen, CPA, CA, CPA (IL), MST, who will dis­cuss the new tran­si­tion tax imposed by U.S. Inter­nal Rev­enue Code (“IRC”) Sec­tion 965. As a result of the U.S. Tax Reform passed in Decem­ber 2017, U.S. Share­hold­ers of Cana­di­an (for­eign) cor­po­ra­tions need to know what to do to com­ply with their 2017 U.S. tax report­ing require­ments.  There are lim­it­ed oppor­tu­ni­ties that exist to mit­i­gate the impact of the one-time tran­si­tion tax imposed by this new law. U.S. cit­i­zens and Green card hold­ers resid­ing abroad, includ­ing in Cana­da, may be sub­ject to a one-time toll (tran­si­tion tax) if they own shares in Cana­di­an or any for­eign cor­po­ra­tions. The new U.S. tax law has direct and sig­nif­i­cant impact on a vari­ety of dif­fer­ent areas and tax­pay­ers. The U.S. Depart­ment of Trea­sury and the Inter­nal Rev­enue Ser­vice  have issued lim­it­ed guid­ance to date although more  is expect­ed to be released this sum­mer of 2018. The new rules are com­plex and the final dead­line for fil­ing your 2017 indi­vid­ual U.S. tax returns and mak­ing cor­re­spond­ing pay­ments of owed tax lia­bil­i­ty is loom­ing. This webi­nar will assist U.S. cit­i­zens and Green card hold­ers who own shares in Cana­di­an or for­eign cor­po­ra­tions and live out­side the Unit­ed States to bet­ter under­stand how to pre­pare for fil­ing their 2017 U.S. tax returns, when to pay any tax lia­bil­i­ty owed, under­stand how the tran­si­tion tax works, and  hear strate­gies on how the tax­pay­ers can mit­i­gate the impact of the tran­si­tion tax. Spe­cif­ic top­ics that are cov­ered:

• Who is affect­ed by the new U.S. tax law and who may be sub­ject to the tran­si­tion tax under IRC Sec­tion 965 (indi­vid­ual U.S. Share­hold­ers)?
• How the tran­si­tion tax works, how it is cal­cu­lat­ed and what tax rates apply?
• Dif­fer­ences between cal­en­dar year end and fis­cal year end for­eign cor­po­ra­tions whose U.S. share­hold­ers are sub­ject to the tran­si­tion tax;
• The 2017 tax return fil­ing and tax pay­ment dead­line demys­ti­fied —  April 18, June 15 or Octo­ber 15;
• What to do if you have already filed your 2017 U.S. tax return either before April 2, 2018 or after April 2, 2018?
• How to report the tran­si­tion tax on your 2017 tax return? and
• Tax plan­ning oppor­tu­ni­ties and prac­ti­cal rec­om­men­da­tions for mit­i­gat­ing the impact of the tran­si­tion tax.

To learn more, reg­is­ter and gain the knowl­edge you need to under­stand you or your clients’ com­pli­ance require­ments and this com­plex area of new U.S. tax law. We hope you join us!

Very tru­ly yours, U.S. TAX IQ Team