Instructions for IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

IRS Form 8992 U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (Gilti)

This document contains official instructions for IRS Form 8992 , U.S. Shareholder Calculation of 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 8992 is available for download through this link.

FAQ

Q: What is IRS Form 8992?
A: IRS Form 8992 is used for the U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI).

Q: Who needs to file IRS Form 8992?
A: U.S. shareholders who own a specified foreign corporation and have GILTI must file IRS Form 8992.

Q: What is GILTI?
A: GILTI stands for Global Intangible Low-Taxed Income. It refers to the income earned by a U.S. shareholder from a specified foreign corporation.

Q: What is a U.S. shareholder?
A: A U.S. shareholder is a U.S. person who owns at least 10% of the voting power or value of a specified foreign corporation.

Q: What is a specified foreign corporation?
A: A specified foreign corporation is a foreign corporation in which a U.S. shareholder owns at least 10% of the voting power or value.

Q: What is the purpose of IRS Form 8992?
A: The purpose of IRS Form 8992 is to calculate the U.S. shareholder's GILTI and determine the resulting tax liability.

Q: Is filing IRS Form 8992 mandatory?
A: Yes, if you are a U.S. shareholder with GILTI, filing IRS Form 8992 is mandatory.

Q: How should I file IRS Form 8992?
A: IRS Form 8992 should be filed electronically through the IRS e-file system or by mail.

Q: Are there any penalties for not filing IRS Form 8992?
A: Yes, failure to file IRS Form 8992 or filing it incorrectly may result in penalties and interest charges.