Instructions for IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

This document contains official instructions for IRS Form 8992 , U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8992 is available for download through this link.

FAQ

Q: What is IRS Form 8992?
A: IRS Form 8992 is a form used by U.S. shareholders to calculate the Global Intangible Low-Taxed Income (GILTI) under the tax provisions of the Tax Cuts and Jobs Act.

Q: What is Global Intangible Low-Taxed Income (GILTI)?
A: GILTI is a provision under the Tax Cuts and Jobs Act that requires U.S. shareholders of controlled foreign corporations (CFCs) to include certain income in their taxable income.

Q: Who needs to file IRS Form 8992?
A: U.S. shareholders of controlled foreign corporations (CFCs) need to file IRS Form 8992 to calculate GILTI.

Q: What information is required on IRS Form 8992?
A: IRS Form 8992 requires U.S. shareholders to provide information about their ownership of CFCs and calculate their GILTI inclusion.

Q: Is IRS Form 8992 complex?
A: IRS Form 8992 can be complex and it is recommended to seek professional tax advice to ensure accurate completion.