AARO (Assoc. of Americans Residing Overseas) announces relief from the GLTI & Repatriation Tax
Updated: Aug 24, 2018
AARO member Monte Silver announced in an email earlier this week that after the hard work of many organizations and individuals, the US Treasury Department and IRS have granted some relief to Americans professionals and business owners abroad who are subject to the Repatriation taxes. Relief is not repeal, but Silver says that it is, nonetheless, "meaningful relief."
Business owners and professionals subject to these taxes must still file and make the 965(h) election by June 15, 2018 (or October 15, 2018 if a valid extension has been filed), but are not required to make a payment on that date if the total amount of tax due is under 1,000,000 USD.