Tag Archives: Tax Penalty Waiver

IRS Offers Relief to Taxpayers Subject to Transition Tax on Foreign Earnings

The new tax law, passed late last year, made a number of changes to the tax code, one of which, was the imposition of a transition tax on untaxed foreign earnings of overseas companies owned by U.S. shareholders. According to the new law, these types of foreign earnings that are held in the form… Read More »