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.
This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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