The Treasury Department and the Internal Revenue Service have released a new notice giving multinational companies some extra guidance to help them calculate the “transition tax” on untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act.
The Internal Revenue Service released updated tax withholding tables for 2018 Thursday to reflect changes for the Tax Cuts and Jobs Act, amid warnings that the tables may not be accurate and will need further refinements.
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