Instructions for IRS Form 8993 Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti)

IRS Form 8993 Section 250 Deduction for Foreign Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti)

This document contains official instructions for IRS Form 8993 , Section 250 Deduction for Foreign-Derived Intangible Income (Fdii) and Global Intangible Low-Taxed Income (Gilti) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8993 is available for download through this link.

FAQ

Q: What is IRS Form 8993?A: IRS Form 8993 is a tax form used to claim deductions for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI).

Q: What is the purpose of Form 8993?A: The purpose of Form 8993 is to calculate and report the deductions for FDII and GILTI.

Q: What is Foreign-Derived Intangible Income (FDII)?A: FDII is a category of income earned by U.S. corporations from sales of products or services to foreign customers.

Q: What is Global Intangible Low-Taxed Income (GILTI)?A: GILTI is a category of income earned by U.S. corporations from foreign subsidiaries in low-tax jurisdictions.

Q: Who needs to file Form 8993?A: U.S. corporations that have FDII or GILTI and want to claim the related deductions need to file Form 8993.

Q: When is Form 8993 due?A: Form 8993 is typically due on the same date as the corporation's tax return, including any extensions.

Q: Are there any specific instructions for filling out Form 8993?A: Yes, the IRS provides specific instructions that guide taxpayers on how to complete Form 8993 accurately.

Q: Can I e-file Form 8993?A: Yes, Form 8993 can be e-filed by corporations that meet the e-filing requirements.

Q: What are the penalties for not filing Form 8993?A: Penalties for not filing Form 8993 or filing it late can include monetary fines and interest on the unpaid taxes.