Daily Tax Report: International

IRS May Consider Relief From Double Tax on Repatriated Cash (1)

Jan. 17, 2020, 6:28 PMUpdated: Jan. 20, 2020, 3:33 AM

The IRS has opened an informal process that may offer relief to companies that, under unique circumstances, pay tax twice on the same repatriated earnings.

Taxpayers whose situations reflect the limited circumstances that result in the double tax may call the Office of Associate Chief Counsel (International), the Internal Revenue Service said in a news release.

  • The IRS said it became aware of limited circumstances where companies that paid dividends for ordinary business reasons unrelated to the 2017 tax law may have been taxed on those dividends twice as a result of the Section 965 transition, or repatriation tax....
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