Following on from guidelines published on August 1, Treasury has issued yet another set of guidelines to tax advisers on the Repatriation Tax passed in the GOP 2017 Tax Cuts and Jobs Act. You can read reporting on the guidelines here or read the guidelines themselves here, but don't expect to find in them ANY RELIEF for American business owners abroad.
We continue to hear from members who own non-US companies about the financial (and psychological) havoc these new taxes are wreaking on their businesses - and their families. We carry those tragic stories and case studies with us when we meet with lawmakers about tax reform, so please keep sending us messages about how you, your family and your company are experiencing the new taxes RUSHED into place in the 2017 Tax Cuts and Jobs Act.
More importantly, however, please keep sending messages to your members of Congress!! Your Senators and Representative need to hear from you. You can use the language in this updated campaign guide to reach out to your elected representatives. The guide also includes a list of members of Congress and key aides driving tax policy writing. You can write to them as well but nothing is as effective as outreach to your elected representatives.
REMINDER: The Open Comment period on Treasury's August 1, 2018 Repatriation Tax and GILTI Tax guidelines closes on Tuesday, October 9, 2018. Transition Tax campaigner Monte Silver has prepared this advice to assist those who wish to make a submission to Treasury. We urge all owners of foreign companies, whether they live in the US or outside the US, to make a submission.
IMPORTANT: There are 2 further sets of Repatriation and GILTI Tax guidelines coming from Treasury! We don't know as yet whether those guidelines will include relief for individuals who are shareholders in foreign corporations. Hearing from those gravely impacted by these "transition taxes" reminds Treasury that relief is desperately needed.
Please send comments and questions to [email protected].