Transtition Tax : 965

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marcharry
Posts: 15
Joined: Wed Sep 23, 2009 10:45 am

Transtition Tax : 965

Post by marcharry » Sun Apr 01, 2018 9:23 pm

Anyone else terrified by the Transition Tax and GILTI implemented in the December tax reform in the US.

If you are an american citizen with a CFC in Canada then all the retained earnings from 1986 onward are now being confiscated by the IRS at a 17% rate. That is, the shareholder is liable for that amount in the 2017 return payable over the next 8 years.
Its the craziest economic collateral damage in a long time.

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