The U.S. Government Accountability Office (GAO) has published Report GAO-21-277 on the IRS's implementation of the Tax Cuts and Jobs Act (TCJA) and the early effects of the law, which was prepared for the Chairman of the U.S. Senate Committee on Finance. The GAO Highlights of the report are as follows: --- Why GAO Did This Study TCJA made sweeping changes to taxing U.S. corporations' international activities: (1) a transition tax on untaxed overseas earnings of foreign subsidiaries that accrued prior to 2017; (2) a tax on the net income earned by foreign subsidiaries exceeding a specified threshold of certain...