U.S. Treasury Issues Report on Implementation of the Tax Cuts and Jobs Act Including the Repatriation (Transition) Tax

The U.S. Treasury Inspector General for Tax Administration (TIGTA) issued a final report on 22 May 2019 on the Implementation of the Tax Cuts and Jobs Act, including, in particular, the deemed repatriation (transition) tax on the post-1986 accumulated earnings and profits of foreign corporations.

---

IMPACT ON TAXPAYERS

On December 22, 2017, the Tax Cuts and Jobs Act (hereafter referred to as the "Act") was enacted into law.  The Act was the most significant revision of the U.S.…