Understanding Trump’s ‘transition tax’ and who wins and who could lose (a lot)August 16, 20181 min read
Last December President Donald Trump signed into law sweeping tax reforms – some which had a purpose of discouraging multi-billion-dollar corporations from parking their money outside of the United States.
The goal was to incentivise or encourage American-based companies like Apple and Amazon to keep profits local and ideally taxable in the United States.
But the impact of these new laws is trickling down and hurting a lot of people. It seems anyone with dual citizenship or any American with interests in Canada may be vulnerable. And for some it is costing a lot of money that’s due very soon.
So how much are companies expected to pay? Who is expected to pay and who will be impacted the most? As well, when it comes to taxes – that often means a windfall of new revenue for governments. Is it just Washington that will benefit or will the coffers in Ottawa see some money too?
Tax laws are not an easy topic to understand. There are loopholes, complexities and levels of accounting that are beyond most people’s grasp. But that’s where the experts from Freelandt Caldwell Reilly LLP can help.
Ed Reilly, Managing Partner and co-founder of Freelandt Caldwell Reilly LLP practices in the areas of tax and owner-managed businesses. To contact Ed directly, simply click on his icon to arrange an appointment regarding this topic.
Edwin Reilly, CPA, CA Managing Partner
Edwin Reilly’s core competency is working with the business owners of small and mid market enterprises in an advisory capacity.