New Section 951A: GILTI Rules for Individual and Non-C Corporation CFC Shareholders

Treatment of CFC income, Reporting Requirements, Planning Techniques to Defer or Reduce GILTI Tax, and More

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Thursday, July 12, 2018

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE/CPE webinar will provide tax professionals with guidance on the challenges of the global intangible low taxed income (GILTI) provisions under the new tax bill. The panel will discuss treatment of controlled foreign corporation (CFC) income, reporting requirements for individual and non-C corporation taxpayers subject to GILTI, and provide tax planning tips to minimize the tax liability of taxpayers with CFC interests.

Description

Tax reform significantly expanded the application of Subpart F and added a new inclusion rule for controlled foreign corporation (CFC) income, the global intangible low taxed income (GILTI) rule.

GILTI is not limited to intangible nor low-taxed income, as it consists generally of all of a CFC’s net income, less subpart F income, a 10% return on depreciable tangible assets, and a few other exclusions. A U.S. person who is a shareholder owning at least 10% of a CFC is subject to U.S. federal income tax on a share of the CFC’s GILTI under new IRC Section 951A. Individuals can experience higher tax rates on GILTI when compared to domestic C corporations.

The panel will provide tax professionals with guidance on the challenges of the GILTI provisions under the new tax law. The panel will discuss GILTI and the section 250 deduction, particularly for individual taxpayers, and provide tax planning tips to minimize the tax liability of taxpayers with CFC interests.

READ MORE

Outline

  1. Overview of Section 951A
  2. Prior Treatment of CFC income and reporting requirements
  3. C corporation vs. non-C corporation and the application of GILTI rules
  4. Methods to defer or reduce the effect of GILTI for individuals, trusts and non-C corporation U.S. shareholders

Benefits

The panel will review these and other relevant topics:

  • Determining whether a taxpayer is subject to GILTI tax under Section 951A
  • Calculating GILTI on CFC income
  • Recognizing the reporting requirements and possible credits or deductions
  • Tactics to defer or minimize the GILTI tax

Faculty

Grossman, Cindy
Cindy Grossman

Partner
Giordani Swanger Ripp and Jetel

Ms. Grossman’s practice encompasses a wide variety of corporate and partnership transactions with international,...  |  Read More

Zhang, Libin
Libin S. Zhang

Partner
Roberts & Holland

Mr. Zhang works on a variety of matters relating to corporate taxation, real estate taxation, and international...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

CPE Not Available

$297