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Instructions for IRS Form 8993
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Instructions for 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 form used to calculate the Section 250 deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI).
Q: What is Foreign-Derived Intangible Income (FDII)?
A: Foreign-Derived Intangible Income (FDII) is income derived from sales or licenses of intellectual property outside of the United States.
Q: What is Global Intangible Low-Taxed Income (GILTI)?
A: Global Intangible Low-Taxed Income (GILTI) is income earned by a U.S. company from its foreign subsidiaries, subject to a minimum tax.
Q: Why is Form 8993 used?
A: Form 8993 is used to calculate the deduction available for FDII and GILTI which can reduce a taxpayer's overall tax liability.
Q: Who is required to file Form 8993?
A: Businesses that have FDII and/or GILTI income and want to claim the corresponding deduction should file Form 8993.
Q: Are there any eligibility criteria to claim the deduction?
A: Yes, there are specific requirements and limitations outlined in the instructions for Form 8993. It is advisable to review these instructions or consult a tax professional.
Q: When is the deadline to file Form 8993?
A: The deadline to file Form 8993 is typically the same as the deadline for filing your federal income tax return, which is usually April 15th.
Q: Is there any penalty for not filing Form 8993?
A: If you are required to file Form 8993 and fail to do so, you may be subject to penalties imposed by the IRS. It is important to comply with all tax filing requirements.
Q: Can I claim the FDII and GILTI deductions on my personal tax return?
A: No, the FDII and GILTI deductions are generally available only to businesses and not individual taxpayers.
Instruction Details:
- This 5-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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