Big changes to GILTI form

Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI), has some significant changes with the revised instructions that were released in December 2021. Form 8992 is filed by a U.S. shareholder who own stock in one or more CFCs (controlled foreign corporation). Generally, a CFC is a foreign corporation in which more than …

Keep Reading

IRS releases draft instructions for forms K-2 and K-3

On June 29, 2021, the IRS released draft instructions of forms K-2 and K-3, after receiving feedback on the initial instructions that were released in July 2020. These new draft instructions may be found here https://www.irs.gov/pub/irs-dft/i1065s23–dft.pdf. The new forms will be effective for the 2021 tax year. Don’t miss: What are duty free zones? Forms …

Keep Reading