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

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