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January 2020 » The Impact of the Tax Cuts and...
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Yi Ren, CPA, PhD, Jomo Sankara, PhD, CGMA, ACMA, and Madeline Trimble, PhD
In BriefThe Tax Cuts and Jobs Act of 2017 lowered the corporate tax rate, but not all of its provisions reduced the effective corporate tax burden. Under the new Internal Revenue Code section 965, U.S. multinational entities must pay a one-time mandatory repatriation tax on undistributed and deferred post-1986 foreign income. Companies were permitted to estimate provisional amounts of repatriation tax within 12 months of the new regulation, and have begun disclosing actual amounts with their 2018 financials. Using disclosures from selected multinationals, the authors examine the impact of the repatriation tax on 2017 and 2018 financial statements.
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