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Section 965 Transition Tax

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!

A replay of this webinar will be available after May 29 for a fee. Please  click here.

Very truly yours,
U.S. TAX IQ Team

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