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Instructions for IRS Form 8993
for the current year.
Instructions for IRS Form 8993 Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti)
This document contains official instructions for IRS Form 8993 , Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and 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 8993 is available for download through this link.
FAQ
Q: What is IRS Form 8993?
A: IRS Form 8993 is a tax form used to claim deductions for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI).
Q: What is the purpose of Form 8993?
A: The purpose of Form 8993 is to calculate and report the deductions for FDII and GILTI.
Q: What is Foreign-Derived Intangible Income (FDII)?
A: FDII is a category of income earned by U.S. corporations from sales of products or services to foreign customers.
Q: What is Global Intangible Low-Taxed Income (GILTI)?
A: GILTI is a category of income earned by U.S. corporations from foreign subsidiaries in low-tax jurisdictions.
Q: Who needs to file Form 8993?
A: U.S. corporations that have FDII or GILTI and want to claim the related deductions need to file Form 8993.
Q: When is Form 8993 due?
A: Form 8993 is typically due on the same date as the corporation's tax return, including any extensions.
Q: Are there any specific instructions for filling out Form 8993?
A: Yes, the IRS provides specific instructions that guide taxpayers on how to complete Form 8993 accurately.
Q: Can I e-file Form 8993?
A: Yes, Form 8993 can be e-filed by corporations that meet the e-filing requirements.
Q: What are the penalties for not filing Form 8993?
A: Penalties for not filing Form 8993 or filing it late can include monetary fines and interest on the unpaid taxes.
Instruction Details:
- This 3-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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