IRS Form: Instructions on Transition Tax Reporting (IRC §965)

Instructions to Form 965, Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System, released January 5. For 2020 tax years, Form 965 will be used only for tax code Section 965(a) inclusions derived solely through interests in pass-through entities that are U.S. shareholders of deferred foreign income corporations (DFICs), the instruction note. In these cases, the taxpayer or other filer will complete the January 2021 revisions of Form 965, and, if applicable, Schedule F (Form 965), and Schedule H (Form 965). The term “2020 tax year” refers to 2020 calendar years and fiscal tax years of the ...