The Tax Cuts and Jobs Act (TCJA) includes sweeping changes to international tax law. In light of these changes, the IRS is working on adding and updating tax forms and schedules to reflect the new provisions of the TCJA. Some of the forms have been released as drafts while pending any final updates or changes.
Here are some of the new and revised forms related to international tax issues. Please note, draft forms are not final and are not to be used for filing. Also, be sure to review the “What’s New” section in the instructions of all tax forms.
Form 965, Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System
Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Form 8990, Limitation on Business Interest Expense Under Section 163(j)
Form 8991, Tax on Base Erosion Payments of Taxpayers With Substantial Gross Receipts
Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI)
Form 8993, Section 250 Deduction for Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI)
If you have any questions about your specific tax situation, please feel free to contact us.