Preparing Forms 8992 and 8993 for GILTI and FDII: Recent Updates, Tested Income, QBAI, and Related Schedules
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will guide international tax professionals through preparing and calculating amounts for reporting on Forms 8992 and 8993 for GILTI (global intangible low-taxed income) and FDII (foreign derived intangible income). The panelist will discuss the concepts behind the numbers, recent changes to these forms, and caveats to avoid in preparing these complicated forms and their related schedules.
Outline
- GILTI and FDII: introduction
- Form 8992
- Filing requirements
- Recent changes
- Preparing the form
- Form 8993
- Filing requirements
- Recent changes
- Preparing the form
Benefits
The panelist will review these and other critical issues:
- What is the purpose of the new Schedule B added to Form 8992?
- How is Schedule A prepared to report GILTI on Form 8992?
- When should an amended return and Form 8993 be filed for taxpayers making a Section 962 election?
- What are the most recent changes to Forms 8992 and 8993?
Faculty
Alison N. Dougherty, CPA
Managing Member
Googolplex Tax
Ms. Dougherty provides U.S. tax reporting, compliance, consulting, planning, and structuring solutions to U.S. and... | Read More
Ms. Dougherty provides U.S. tax reporting, compliance, consulting, planning, and structuring solutions to U.S. and foreign corporations, partnerships, LLCs, individuals, and trusts. She specializes in U.S. international tax reporting and compliance with the preparation and review of the U.S. federal Forms 5471, 926, 8992, 8993, 5472, 8865, 8858, 8621, 8804, 8805, Schedules K-2 and K-3, 1116, 1118, 1042, 1042-T, 1042-S, 8832, 8833, 2555, 3520, 3520-A, 5713, 1120-F, 1040-NR, 8288, 8288-A, 8288-B, 8233, 8840, 8843, 8854, 8938, and FBAR. Ms. Dougherty has extensive experience working with U.S. businesses and individuals with outbound activities in foreign countries. She has also worked with foreign companies and nonresident individuals with inbound activities in the United States. Ms. Dougherty has significant experience with U.S. nonresident withholding tax, foreign partnership withholding tax, and FIRPTA withholding tax. She has managed U.S. tax compliance and advisory client engagements for U.S. C corporations, S corporations, partnerships, LLCs, U.S. individuals, U.S. trusts, foreign corporations, foreign partnerships, foreign LLCs, nonresident individuals, and foreign trusts.
Ms. Dougherty is a CPA and a tax attorney with more than 15 years of combined experience in public accounting, the practice of law, and corporate industry. She was previously a tax partner in a large regional public accounting firm in the Washington, DC area. Ms. Dougherty has served clients in various industries including technology, U.S. government contracting, commercial services, telecommunications, real estate, investment partnerships, commodities, high net worth individuals, and family offices. She has also served as a technical resource to other CPAs, accountants, tax professionals, public accounting firms, attorneys, and law firms.
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