Global Intangible Low-Taxed Income and Form 8992 (Completed)
Date: Tuesday, May 21, 2019
Instructor: Robert J. Misey
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs |
|
Owners of foreign subsidiaries previously worried only about Subpart F income, but the 2017 Act created a new anti-deferral regime – Global Intangible Low-Taxed Income (“GILTI”). Very simply, GILTI forces the U.S. owner to report the income of the foreign subsidiary that is in excess of 10% of the foreign subsidiary’s depreciable assets. However, it is rarely that simple and the IRS has promulgated 80 pages of regulations (with a 70-page preamble) as guidance.
Who Should Attend
Tax practitioners in both public accounting and in industry engaging in planning or conducting compliance for foreign subsidiaries.
Topics Covered
- Determining GILTI based on Tested Income and Qualified Business Assets Investment
- Tested Income and the various exclusions
- Qualified Business Assets Investment
- Completion of a sample form 8992
Learning Objectives
- Identify the policy of GILTI
- Recognize and apply the calculation of GILTI and the 50% deduction
- Identify the foreign tax credit for GILTI
- Recognize how to plan for tax-efficient foreign operations
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
