IRS Issues Final Tax Rules for Offshore Corporate Cash

The Internal Revenue Service issued final guidance Jan. 15 about how corporations can pay their repatriation taxes on their offshore profits, despite a shutdown that has shuttered most activity at the agency.

• The rules largely adopt a proposal the agency released last August instructing companies on how to pay the levy on stockpiled foreign profits included in the 2017 tax overhaul
• The IRS, which is one of the agencies affected by the shutdown, has a separate budget to work on tax overhaul regulations during the funding lapse
• The tax law sets a levy of 15.5 percent on cash and 8 ...