IR-2018-25: IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax

IRS Newswire February 13, 2018

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Issue Number:    IR-2018-25 Inside This Issue IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax   WASHINGTON - The Treasury Department and the Internal Revenue Service (IRS) today announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act. On Dec. 29, 2017, the Treasury Department and the IRS provided initial guidance on computing the transition tax in Notice 2018-07.  On Jan. 19, 2018, the Treasury Department and the IRS provided additional guidance in Notice 2018-13. Today's revenue procedure (Rev. Proc. 2018-17) prevents changes to the annual accounting periods of certain foreign corporations in 2017 under either the existing automatic or general procedures if such change could result in the avoidance, reduction, or delay of the transition tax.  Rev. Proc 2018-17 will be published in IRB 2018-09 on Feb. 26, 2018.  The Treasury media contact for this matter is Marisol Garibay, Deputy Assistant Secretary for Public Affairs, 202-622-6490. Back to Top   Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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