IRS Form: Draft Form 8992 Reporting GILTI Income (IRC §951A)

Draft Form 8992 instructions released September 20 to reflect a U.S. shareholder’s calculation of global intangible low-taxed income (GILTI) under tax code Section 951A which requires U.S. shareholders of controlled foreign corporations (CFCs) to include in gross income the shareholder’s GILTI for years in which they are U.S. shareholders of CFCs for tax years of CFCs beginning after December 31, 2017. Form 8992 is used to compute a U.S. shareholder’s GILTI inclusion. The instructions remind taxpayers who are eligible for a deduction for the GILTI inclusion under Section 250 to use Form 8993. [Draft IRS Form 8992 Instructions ...