IRS Issues Additional Guidance on Transition Tax on Foreign Earnings

April 2, 2018 The Treasury Department and the Internal Revenue Service today provided additional guidance (Notice 2018-26) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act enacted on Dec. 22, 2017. The Treasury

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Updated 2018 Withholding Tables Issued

The IRS has issued updated 2018 withholding tables that reflect the changes made by the Tax Cuts and Jobs Act. The new law makes numerous changes affecting individual taxpayers in 2018. The new tables reflect the increased standard deduction, repeal of personal exemptions and changes in tax

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TAX CUTS AND JOBS ACT (H.R. 1) – Businesses, Tax-Exempt Orgs & International

BUSINESSES Corporate Taxes H.R. 1 calls for a 21-percent corporate tax rate beginning in 2018. The new law makes the new rate permanent. The maximum corporate tax rate currently tops out at 35 percent. Although the current 2017 maximum corporate tax rate is 35 percent, many corporations

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TAX CUTS AND JOBS ACT (H.R. 1) – Individuals

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping change to the U.S. tax code in decades cleared the

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