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 …