IRS Form 5471 Schedule I-1 Information for Global Intangible Low-Taxed Income

What Is IRS Form 5471 Schedule I-1?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on December 1, 2019. The document is a supplement to IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 5471 Schedule I-1?A: IRS Form 5471 Schedule I-1 is a tax form used to report information related to Global Intangible Low-Taxed Income (GILTI).

Q: Who is required to file IRS Form 5471 Schedule I-1?A: Certain U.S. persons who own certain foreign corporations are required to file this form.

Q: What is Global Intangible Low-Taxed Income (GILTI)?A: GILTI is a category of income earned by certain foreign corporations that is subject to U.S. tax.

Q: What information needs to be reported on IRS Form 5471 Schedule I-1?A: This form requires reporting details about the GILTI income of certain foreign corporations, as well as other related information.

Q: When is the deadline for filing IRS Form 5471 Schedule I-1?A: The deadline for filing this form is generally the same as the deadline for filing the individual's income tax return, including extensions.