IRS will waive some late-payment penalties for Section 965 transition tax

04 June 2018

The IRS has announced (IR-2018-131) that it will waive certain late-payment penalties on estimated tax payments relating to the Section 965 transition tax. Relief is also provided for certain individuals who failed to timely pay the first installment or failed to elect to pay the transaction tax in installments. The relief is explained in three new frequently asked questions posted on the IRS's tax reform webpage. A Tax Alert is forthcoming.

Document ID: 2018-9010

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