International taxpayers will have to spend additional time on tax compliance with new forms for GILTI and FDII in 2018. The IRS recently issued Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI) for U.S. shareholders to compute their GILTI inclusion. IRC Sec. 951A requires U.S. shareholders of CFCs (controlled foreign corporations)…
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IRS Issues Updated New Form 5471 – What's New?
On January 2, 2019 the IRS updated its webpage entitled Instructions for Form 5471 (12/2018) where it lays out the numerous changes caused by the TCJA of 2017, which have now been incorporated into the updated form. On December 22, 2017, Congress enacted the "Tax Cuts and Jobs Act," P.L. 115-97 (the "Act"). Act section 14101 enacted…
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IRS Confirms Tax Filing Season to Begin January 28
Despite the government shutdown, the Internal Revenue Service confirmed on January 7, 2019 in IR-2019-01 that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to…
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No Relief Expected for US Citizens Living Abroad
According to Moodys Gartner, in the middle of the perfect storm on Capitol Hill created by the change in control of the House of Representatives back to the Democratic party, the government shutdown, and President Trump’s border wall funding demands, a bill was introduced on December 20, 2018 that would “amend the Internal Revenue Code…
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