IRS 8992 2021 free printable template

8992Form (Rev. December 2021) Department of the Treasury Internal Revenue Service. S. Shareholder Calculation of Global Intangible Located Income (GILT) OMB No. 15450123 Attachment Sequence No. 992Go

How to fill out IRS 8992

How to fill out IRS 8992

1. Download Form 8992 from the IRS website.
2. Fill out Part I to provide general information about your business.
3. Complete Part II by detailing the amount of the applicable income and verify whether the entity qualifies as a specified foreign corporation.
4. In Part III, calculate the Foreign-Derived Intangible Income (FDII) by completing the required calculations.
5. Review the form for accuracy and completeness.
6. Submit Form 8992 with your tax return.

Who needs IRS 8992?

1. U.S. corporations that have foreign-derived intangible income and want to claim a deduction for it.
2. Entities that want to report income effectively connected with a U.S. trade or business and need to disclose their FDII.

People Also Ask about

Who is required to file Form 8992?

An S corporation that elects to be treated as an entity under Notice 2020-69 must complete Form 8992 and Schedule A (Form 8992) and attach them to its Form 1120-S by the due date (including extensions) for that return. For additional information, see the Instructions for Form 1120-S.

Who is required to file Gilti?

Form 8992 & Schedule A for GILTI It is important to note that not all US shareholders with foreign corporations will have to calculate GILTI as part of their U.S. tax return. Rather, it is limited to shareholders who own Controlled Foreign Corporations or CFC — and meet other requirements as well.

Who needs to file 8992?

An S corporation that elects to be treated as an entity under Notice 2020-69 must complete Form 8992 and Schedule A (Form 8992) and attach them to its Form 1120-S by the due date (including extensions) for that return.

What income is subject to Gilti?

GILTI is income earned abroad by controlled CFCs—i.e., controlled subsidiaries of U.S. corporations—from easily movable intangible assets, such as IP rights. The tax on GILTI is intended to discourage moving intangible assets and related profits to countries with tax rates below the 21% U.S. corporate rate.

Who picks up Gilti income?

Each U.S. shareholder (10% or more owner) of a CFC will pick up its pro rata share of the GILTI inclusion items (tested income, etc.)

Who must file 1118?

Form 1118 lets foreign corporations report the income they already owe taxes on to a foreign government so that it can be exempted from US taxation. This credit only applies to income taxes, not value-added taxes or sales taxes—even in countries where a value-added tax is used as a substitute for income taxes.

What is Form 8992 for?

More In Forms and Instructions U.S. shareholders of controlled foreign corporations use Form 8992 and Schedule A to figure their global intangible low-taxed income inclusions under section 951A and its related regulations.

Does Gilti tax apply to individuals?

The GILTI rules impact both U.S. individual shareholders and U.S. corporate owners. “In this scenario, a U.S. shareholder is a person who owns directly, indirectly, or constructively 10% or more of the vote or value of a foreign corporation.

Who needs to pay Gilti tax?

GILTI is foreign income your CFC earns on intangible assets, such as patents, copyrights, and trademarks. You're obligated to pay GILTI if you own at least 10% of a CFC, and if your company is a CFC (majority-owned or controlled by US taxpayers).

WHO reports Gilti income?

The GILTI rules (contained in the new section 951A) require a 10 percent U.S. shareholder of a controlled foreign corporation (CFC) to include in current income the shareholder's pro rata share of the GILTI income of the CFC. The GILTI rules apply to C corporations, S corporations, partnerships and individuals.

Who needs to file Form 8992?

An S corporation that elects to be treated as an entity under Notice 2020-69 must complete Form 8992 and Schedule A (Form 8992) and attach them to its Form 1120-S by the due date (including extensions) for that return. For additional information, see the Instructions for Form 1120-S.

Who files Form 8992?

U.S. shareholders of controlled foreign corporations use Form 8992 and Schedule A to figure their global intangible low-taxed income inclusions under section 951A and its related regulations.

Who Must File Gilti tax?

Form 8992 & Schedule A for GILTI It is important to note that not all US shareholders with foreign corporations will have to calculate GILTI as part of their U.S. tax return. Rather, it is limited to shareholders who own Controlled Foreign Corporations or CFC — and meet other requirements as well.

Who needs to file Gilti?

Form 8992 & Schedule A for GILTI It is important to note that not all US shareholders with foreign corporations will have to calculate GILTI as part of their U.S. tax return. Rather, it is limited to shareholders who own Controlled Foreign Corporations or CFC — and meet other requirements as well.

Where do I report Gilti income?

U.S. shareholders must file Schedule I-1 (Form 5471), Information for Global Intangible Low-Taxed Income and Form 8992, U.S Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI) , to provide the information needed to determine the U.S. shareholder's GILTI inclusion amount for a tax year.

What is specified interest expense for Gilti?

Specified interest expense includes the interest expense of all CFCs, including those with a tested loss. A U.S. shareholder of a CFC that owns stock of the CFC within the meaning of IRC 958(a) must include in gross income its GILTI for the taxable year.

Do individuals file Form 8992?

Who Needs To File Form 8992. Any U.S. shareholder of one or more CFCs that must take into account its pro rata share of the “tested income” or “tested loss “of the CFC(s) in determining the U.S. shareholder's GILTI inclusion, if any, under section 951A must file the Form 8992.

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What is IRS 8992?

IRS Form 8992 is used to report the computation of the foreign-derived intangible income (FDII) and the global intangible low-taxed income (GILTI) for certain U.S. shareholders of controlled foreign corporations (CFCs).

Who is required to file IRS 8992?

U.S. shareholders of controlled foreign corporations (CFCs) who are required to report their foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) must file IRS Form 8992.

How to fill out IRS 8992?

To fill out IRS Form 8992, gather relevant financial information from the CFC, including income, deductions, and the basis of its assets. Follow the form's instructions to calculate FDII and GILTI, completing the required sections accurately and attaching any necessary statements.

What is the purpose of IRS 8992?

The purpose of IRS Form 8992 is to ensure that U.S. shareholders of CFCs properly report their FDII and GILTI, which are critical components of the U.S. tax code aimed at encouraging multinational corporations to keep their intangible income in the U.S.

What information must be reported on IRS 8992?

Information that must be reported on IRS Form 8992 includes calculations of foreign-derived intangible income (FDII), global intangible low-taxed income (GILTI), the relevant gross income from foreign sources, and any applicable deductions that affect the computations.