No New Guidance On Repatriation Tax Relief, IRS Official Says

Law360, Boca Raton, Fla. (January 31, 2020, 7:00 PM EST) -- The Internal Revenue Service isn't planning to issue additional guidance on the 2017 tax overhaul's deemed repatriation despite a recent announcement that the agency was considering relief for some companies in this area, a top official said Friday.

The agency learned of "few sympathetic cases" in which companies were excessively taxed under the Tax Cuts and Jobs Act's transition levy on overseas income, said Peter Blessing, the IRS associate chief counsel, international, at the American Bar Association's Section of Taxation midyear meeting in Boca Raton, Florida.

The agency is considering double-taxation relief for companies that saw their earnings taxed first as...

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