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IRS Offers Penalty, Filing Relief To Many Subject To New Transition Tax On Foreign Earnings | TaxConnections
The Internal Revenue Service (IRS) announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections. The IRS explained the relief in three new FAQs, posted on the agency’s tax reform page. These supplement 14 existing questions and answers that provide detailed guidance to taxpayers on reporting and paying the tax.