Companies Owing Repatriation Tax May Miss Payment Extension

Companies should plan to pay tax on assets brought back from overseas on the normal schedule this year, despite Treasury’s having extended the tax payment deadline for companies and individuals.

The IRS said in guidance Wednesday that the July 15 date only applies to 2019 tax year payments. That likely means the repatriation tax bill is due April 15, since the tax counts toward the 2017 tax year, tax professionals said.

“It seems contradictory to Treasury’s policy of providing a fiscal stimulus and relief to taxpayers considering the environment we’re living and operating in today,” said Phil Pasmanik, senior ...