On Feb. 13, the IRS released Rev. Proc. 2018-17, which contains guidance on changes in accounting periods related to the transition tax. Specifically, the revenue procedure prevents changes to the annual accounting periods of certain foreign corporations in 2017 under existing automatic or general procedures if the change could result in the avoidance, reduction, or delay of the transition tax. The Treasury provided initial guidance on computing the transition tax in Notices 2018-07 and 2018-13.
