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Finalized Transition Tax Regulations: An Overview

The IRS has issued highly anticipated final regulations under Internal Revenue Code Section 965, the Transition Tax (TT) provision added by the Tax Cuts and Jobs Act (TCJA). Sec. 965 generally requires U.S. shareholders to pay a “transition tax” on the untaxed foreign earnings of certain specified foreign corporations (SFC) as if those earnings had been repatriated to the United States.

Do You Qualify for the Section 199A Tax Deduction?

With the Tax Cuts and Jobs Act of 2017 (TCJA) Congress enacted the Section 199A deduction that is available for tax years beginning after December 31, 2017. It is set to expire for tax years beginning after December 31, 2025.
 
Individuals, trusts and estates with qualified business income, qualified real estate investment trust (REIT) dividends or qualified publicly traded partnership (PTP) income may qualify for the deduction.
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