Tax News: GILTI Rules Retroactively Amended
Retroactive GILTI changes are the latest tax update to impact US entrepreneurs overseas. The changes allow an exception for income subject to high tax (and other criteria).
Internal Revenue Service ("IRS") issued an additional regulation package on the global intangible low-taxed income ("GILTI") Sec. 951A, requiring all 10% U.S. shareholders of controlled foreign corporations (CFCs) to include in their gross income their share of the CFC’s GILTI for that tax year (the inclusion amount).
The provision applies to tax years of foreign corporations beginning after Dec. 31, 2017, and to the U.S. shareholders’ tax years within which the foreign corporations’ tax years end.
Post a comment
Post a Comment to "Tax News: GILTI Rules Retroactively Amended"To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."