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 used by U.S. shareholders to calculate Global Intangible Low-Taxed Income (GILTI).

Q: What is GILTI?
A: GILTI stands for Global Intangible Low-Taxed Income. It is a new provision of the U.S. tax code that aims to tax income from intangible assets held by U.S. shareholders in certain foreign corporations.

Q: Who needs to file IRS Form 8992?
A: U.S. shareholders who own stock in certain foreign corporations and have GILTI income or loss need to file IRS Form 8992.

Q: What information is required to complete IRS Form 8992?
A: To complete IRS Form 8992, you will need information about your ownership of stock in certain foreign corporations, your GILTI income or loss, and any deductions or credits that may apply.

Q: When is the deadline for filing IRS Form 8992?
A: The deadline for filing IRS Form 8992 is generally the same as the deadline for filing your federal income tax return, which is April 15th, unless that date falls on a weekend or holiday.

Q: Can I file IRS Form 8992 electronically?
A: Yes, you can file IRS Form 8992 electronically using tax preparation software or through a tax professional.

Q: What happens if I don't file IRS Form 8992?
A: If you are required to file IRS Form 8992 and fail to do so, you may be subject to penalties and interest on any unpaid taxes.

Q: Are there any special instructions or considerations for filing IRS Form 8992?
A: Yes, it is recommended to carefully review the instructions provided with the form and consult a tax professional if you have any specific questions or concerns about completing IRS Form 8992.