On 13 February 2018, the U.S. IRS announced the issuance of guidance on changing accounting periods of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act.
---
WASHINGTON — The Treasury Department and the Internal Revenue Service (IRS) today announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts …