The “Trump Transition Tax” has caused a great deal of anxiety among affected owners of Canadian businesses, imposing millions of dollars in double-tax liabilities on thousands of people. The IRS only recently (April 2) released the guidelines for reporting.
Revising earlier guidance, the IRS announced Wednesday that affected business owners who owe less than $1 million in repatriation taxes now have until April 15, 2019, to make their first installments, giving a ten-month extension. Unfortunately, taxpayers with more than $1 million in taxes owing must still make payments by June 15, 2018.
The guidelines and method of reporting and paying this tax are extremely fast-moving. Contacting an expert is advisable to know where you stand.
For more details, contact Shawn Bausch.
Shawn Bausch is a tax manager at Sloan Group. Set up a free tax consultation today with Shawn at firstname.lastname@example.org or 416-665-7735, extension 335.