{"id":6645,"date":"2018-10-24T08:32:47","date_gmt":"2018-10-24T08:32:47","guid":{"rendered":"http:\/\/13.40.31.108\/?p=6645"},"modified":"2018-10-24T08:48:04","modified_gmt":"2018-10-24T08:48:04","slug":"the-section-965-transition-tax-today","status":"publish","type":"post","link":"https:\/\/ustaxconsultants.es\/es\/the-section-965-transition-tax-today\/","title":{"rendered":"The Section 965 \u00bb Transition Tax\u00bb today"},"content":{"rendered":"<p>Yesterday, October 22, American Citizens Abroad, Inc. presented\u00a0<a href=\"https:\/\/americansabroad.us9.list-manage.com\/track\/click?u=44149a71417b0518f29267eba&amp;id=64724b5740&amp;e=c246d12709\">oral testimony<\/a>\u00a0at the public hearing held by the IRS and Treasury Department, \u201cGuidance Regarding the Transition Tax Under Section 965 and Related Provisions (Ref-104266-18)\u201d.<\/p>\n<p>ACA has gone on record twice in 2018, submitting\u00a0<a href=\"https:\/\/americansabroad.us9.list-manage.com\/track\/click?u=44149a71417b0518f29267eba&amp;id=bfdf57676c&amp;e=c246d12709\">written comments<\/a>\u00a0to the Treasury Department, on the effects that the Transition Tax and GILTI provisions of the Tax Cuts and Jobs Act (TCJA) have on Americans living and working overseas.<\/p>\n<p>At yesterday&#8217;s hearing, ACA Executive Director, Marylouise Serrato highlighted the fact that in drafting the regulations for the Section 965 regime, Treasury did not consider the effect of these regulations on Americans living and working overseas.\u00a0\u00a0\u201cTreasury Department, in our view, is not well informed about the situation of Americans abroad.\u00a0\u00a0These regulations, in the eyes of tens of thousands of individuals living overseas, are maddeningly cavalier,\u201d said Serrato.<\/p>\n<p>ACA is requesting that Treasury insert a\u00a0<em>de minimis<\/em>\u00a0rule in the regulations.\u00a0\u00a0ACA believes that by doing so the Treasury will remove from the Section 965 regime most Americans overseas affected by the law.<\/p>\n<p>ACA also noted that the Treasury Department has not done its due diligence in determining how small entities will be affected by the law.\u00a0\u00a0The Treasury is required under the Regulatory Flexibility Act (RFA) to evaluate the economic impact of proposed regulations on small entities, including small entities abroad.<\/p>\n<p>\u201cTreasury is not truly in touch with the reality of Americans abroad.\u00a0\u00a0Foreign corporations owned by Americans abroad exist in abundance.\u00a0They are an everyday fact of life,\u201d added Serrato.<\/p>\n<p>ACA believes that it is fundamentally wrong for the Treasury Department to write regulations without knowing who is affected, and to what extent, as this goes against the fundamental requirements of the RFA.<\/p>\n<p><strong>Are you affected by the \u00abTransition Tax\u00bb?<\/strong><\/p>\n<p>Just in case that you do not know how the Transition Tax might affect you and your SL in Spain, we have an article on the Need to Know section of our website on this issue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday, October 22, American Citizens Abroad, Inc. presented\u00a0oral testimony\u00a0at the public hearing held by the IRS and Treasury Department, \u201cGuidance Regarding the Transition Tax Under Section 965 and Related Provisions (Ref-104266-18)\u201d. ACA has gone on record twice in 2018, submitting\u00a0written comments\u00a0to the Treasury Department, on the effects that the Transition Tax and GILTI provisions of [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[25,23,4,24],"tags":[],"class_list":["post-6645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fatca","category-irs","category-sin-categorizar","category-us-tax-return-1040-1040nr"],"acf":[],"_links":{"self":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/6645","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/comments?post=6645"}],"version-history":[{"count":0,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/posts\/6645\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/media\/6648"}],"wp:attachment":[{"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/media?parent=6645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/categories?post=6645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustaxconsultants.es\/es\/wp-json\/wp\/v2\/tags?post=6645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}