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.
Transtition Tax : 965
Moderator: Mark T Serbinski CA CPA