2 Sep 2025
💼IRS Notice on Information Collection for Transition Tax Under Section 965
Agency Information Collection Activities; Comment Request on Guidance Regarding the Transition Tax Under Section 965
Summary
In accordance with the Paperwork Reduction Act of 1995, the IRS is inviting comments on the information collection request outlined in this notice.
Agencies
- Treasury Department
- Internal Revenue Service
Business Impact
$$$ - High
The notice involves information collection related to the transition tax for foreign income, affecting U.S. persons with foreign corporations. Business owners must comply with information requirements, which could impact financial reporting and tax liabilities.