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wiki:contents:us_tax:tax_reform [2018/12/31 19:58]
karen [Tax Cuts and Jobs Act 2017] |
wiki:contents:us_tax:tax_reform [2018/12/31 20:09] (current)
karen reorganise TCJA content |
| Bloomberg has prepared a table comparing the House and Senate versions of the bill ([[http://src.bna.com/t7h|pdf]]). | Bloomberg has prepared a table comparing the House and Senate versions of the bill ([[http://src.bna.com/t7h|pdf]]). |
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| The final bill was passed by Congress on 20 December and signed into law on 22 December 2018. | The final bill was passed by Congress on 20 December and signed into law on 22 December 2017. |
| ==== House Bill ==== | ==== House Bill ==== |
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| * [[https://www.rollcall.com/news/politics/finance-committee-wont-mark-tax-bill-language-next-week|A Tax Bill in Plain English? Senate Finance Committee Is Already There]] (Roll Call) 9 Nov 2017 | * [[https://www.rollcall.com/news/politics/finance-committee-wont-mark-tax-bill-language-next-week|A Tax Bill in Plain English? Senate Finance Committee Is Already There]] (Roll Call) 9 Nov 2017 |
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| | ==== Post-Enactment ==== |
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| | For a discussion of the provisions that affect international businesses, including local corporations owned by nonresident US citizens, see the [[wiki:contents:us_tax:cfcs|wiki page on Controlled Foreign Corporations]]. |
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| | Other impacts of TCJA were discussed in [[http://fixthetaxtreaty.org/2018/12/19/tcja-and-us-expats/|this blog post]]. |
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| | A complete list of blog posts on TCJA can be found [[http://fixthetaxtreaty.org/category/tcja/|here]]. |
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| ===== Efforts to Support Tax Reform in the US ===== | ===== Efforts to Support Tax Reform in the US ===== |
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| In January 2017, a link to [[https://docs.google.com/spreadsheets/d/1v4kBW-PiVokAJbmmQyycCjQHCP6ym6oozdtW91ZWy-M/edit#gid=1727735074|this spreadsheet]] of Congressional Assistants to members of the tax committees was [[https://www.facebook.com/groups/AmericanExpatriates/permalink/717143111785097/|posted on Facebook]] (NB: it is not clear that anyone is maintaining this spreadsheet). | In January 2017, a link to [[https://docs.google.com/spreadsheets/d/1v4kBW-PiVokAJbmmQyycCjQHCP6ym6oozdtW91ZWy-M/edit#gid=1727735074|this spreadsheet]] of Congressional Assistants to members of the tax committees was [[https://www.facebook.com/groups/AmericanExpatriates/permalink/717143111785097/|posted on Facebook]] (NB: it is not clear that anyone is maintaining this spreadsheet). |
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| ====== Tax Cuts and Jobs Act (2017) ====== | |
| ===== Transition Tax ===== | |
| The 2017 tax reform bill added section 965 to the Internal Revenue Code. This section was written overly broadly, and affects the local corporations of US expats, not just the intended targets of Apple, Google and Microsoft. | |
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| Blog posts on the transition tax: | |
| * FIXME | |
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| IRS Guidance: | |
| * [[https://www.irs.gov/newsroom/irs-issues-guidance-on-transition-tax-on-foreign-earnings|IRS Issues Guidance on Transition Tax on Foreign Earnings]] 27 December 2017 | |
| * [[https://www.irs.gov/newsroom/irs-issues-guidance-on-changes-in-accounting-periods-related-to-the-transition-tax|IRS Issues Guidance on Changes in Accounting Periods Related to the Transition Tax]] 13 February 2018 | |
| * [[https://www.irs.gov/pub/irs-drop/n-18-13.pdf]] FIXME | |
| * [[https://www.irs.gov/newsroom/questions-and-answers-about-reporting-related-to-section-965-on-2017-tax-returns|Questions and Answers about Reporting Related to Section 965 on 2017 Tax Returns]] 13 March 2018 | |
| * [[https://www.irs.gov/newsroom/irs-issues-additional-guidance-on-transition-tax-on-foreign-earnings-0|IRS Issues Additional Guidance on Transition Tax on Foreign Earnings]] 2 April 2018 | |
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