GILTI Reporting: Preparation of Forms 5471, 8992, 8993, 1118; Comprehensive Examples of Common GILTI Scenarios

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Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, September 20, 2022

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Course Materials

This webinar will walk tax practitioners through the GILTI reporting requirements on Forms 8992, 8993, 1118, and 5471. Our astute panel of international reporting experts will present common GILTI scenarios and follow these through the required forms and schedules detailing the steps and considerations to efficiently complete each one.

Description

GILTI is calculated by subtracting net deemed tangible income (DTIR) from net CFC tested income. DTIR is 10 percent of the entity's qualified business asset investment (QBAI). Subpart F income, income qualifying for the high-tax exception for subpart F income, and U.S. ECI (effectively connected income) are excluded from GILTI.

Form 5471, Schedule I-1, captures CFC income inclusions by U.S. shareholders under Section 951A. It begins with the inclusion of gross CFC income, followed by the list of the applicable exclusions. Once tested income, tested loss, QBAI, and other required data are determined, these amounts are transferred to, the now separate, Schedule A of Form 8992, U.S. Shareholder Calculation of GILTI. CFC tested income from Schedule A is transferred to the face of Form 8992, Part I. Additional GILTI reporting requirements include Form 1118 for foreign tax credits and Form 8993 to report the Section 250 deductions for FDII and GILTI. The GILTI taxation reporting regime is complex. Tax professionals who grasp its requirements often struggle to meet its intricate reporting requirements.

Listen as our panel of international taxation experts demonstrates how to calculate and report GILTI and offers suggestions to ease the process and mitigate taxes paid.

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Outline

  1. GILTI: an introduction
  2. Calculations
  3. Comprehensive example
    1. Form 5471
    2. Form 8992
    3. Form 8993
    4. Form 1118
    5. Other forms and reporting requirements
  4. Best practices

Benefits

The panel will review these and other critical issues:

  • Following the reporting of GILTI through the numerous required forms
  • How to calculate tested income, QBAI, and DTIR
  • Completing Form 5471 Schedule I-1 and Schedule A of Form 8992
  • Calculating and reporting the Section 250 deductions for FDII and GILTI

Faculty

Gifford, Dirk
Dirk Gifford
Managing Director, International Tax Services
KPMG US

Mr. Gifford serves in the firm's International Corporate Services Practice. He focuses on working primarily with...  |  Read More

Beck, Tyler
Tyler Beck
Senior Associate, International Tax
KPMG US

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