IRS Form: Draft Instructions for FDII, GILTI Deductions (IRC §250)

Draft instructions for Form 8993, Section 250 Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI), released December 3 to reflect changes made based on the proposed and final tax code Section 250regulations. The instructions note a change in the manner in which foreign-derived deduction eligible income (FDDEI) is now reported in Part II. Although the final Section 250 regulations apply to tax years beginning on or after January 1, 2021, taxpayers may choose to apply either the proposed or the final regulations for tax years beginning on or after January 1, 2018, ...