On its website, the IRS states that the extended May 17, 2021, tax filing deadline includes individual taxpayers’ deferred foreign income installment payments (also known as Sec. 965(h) installment payments). Generally, the tax code requires U.S. shareholders to pay a “transition tax” on the untaxed foreign earnings of specified foreign corporations as if those earnings had been repatriated to the U.S. This transition tax applies only to the last tax year of a “deferred foreign income corporation” that begins before Jan. 1, 2018. The tax code allows a taxpayer to elect to pay its transition tax liability in annual installments over eight years. For more information: https://bit.ly/2QenVPS Call or visit our website for more information! www.mjscpa.com/
