Due to privacy concerns we will not allow client sensitive data to be entered into our system. You will need to add the taxpayer name and tax ID after printing the final PDF.
The tool is simple to use, but will require a certain amount of information be gathered prior to creating a § 965 Tax Report for you.
|AGI (Form 1040 line 38)||_____________________|
|Standard/itemized deductions & personal exemptions
(Form 1040 lines 40+42)
|Tax (Form 1040 line 44)||_____________________|
|Foreign tax credit (Form 1040 line 48)||_____________________|
|Percent of client’s direct and indirect ownership||___________________%|
|Total Post 1986 earnings and profits on November 2, 2017||___________________**|
|Total Post 1986 earnings and profits on December 31, 2017||___________________**|
|Current year US effectively connected income||_____________________|
|Current year subpart F income (not related to §965)||_____________________|
|Total Pool of foreign taxes paid by the SFC adjusted for PTI and distributions over the years||_____________________|
**Convert to USD using the December 31 exchange rate.
Include cash (U.S. or foreign), net accounts receivables (receivables less payables), actively traded investments, CDs, commercial paper, government securities, short-term obligations, any other asset the IRS identifies as economically equivalent (be mindful of loans between related parties)
Convert to USD using the December 31 exchange rate for each year
|December 31, 2015||_____________________|
|December 31, 2016||_____________________|
|December 31, 2017||_____________________|
Once you are logged into the Client Portal
The §965 calculations are a multi-step process. At this point you will need to take the key numbers from our preview page and enter them in your tax software. Write down the new tax amount on Form 1040 line 44, Foreign tax credit amount on Form 1040 line 47 so you can enter them into the §965 Calculator.
Don’t worry about losing your place in the § 965 Tax Calculator if you need to step away to enter the information into the software, a document number as well as a QR code appears at the top of the Calculation Preview page, these are all you need to access the incomplete file when you are ready to finish. As documents are stored in your client portal you don’t have write it down.
Once you are satisfied that the information showing is correct, before you can access the final report and §965 Transition Tax Statement you will need to apply a coupon code or make a payment by credit card. The fee per report is $49.99 USD or $74.99 CAD. Once you have generated the PDF report –it cannot be edited without paying for a new report.
The PDF can be saved to your computer, or printed. A copy will remain in your client portal for future access.
If you need assistance please email us at firstname.lastname@example.org or call 844-312-8670 ext 402.