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About Form 8992, U.S. Shareholder Calculation of ... - IRS

About Form 8992, U.S. Shareholder Calculation of ... - IRS-2025

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The document provides instructions for completing Form 8992, which is used by U.S. shareholders to calculate and report Global Intangible Low-Taxed Income (GILTI) as mandated by the Internal Revenue Code. It outlines who must file the form, details on related schedules (A and B), recent updates including changes in filing requirements for domestic partnerships, and specific guidance on how to report information regarding Controlled Foreign Corporations (CFCs). The document emphasizes the importance of accurate reporting and compliance with IRS regulations.

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Begin by entering your identifying information in Part I, including the name and EIN of the U.S. shareholder. Ensure accuracy as this is crucial for tax reporting.
Complete Schedule A (Form 8992) if you are not part of a consolidated group. Enter details for each Controlled Foreign Corporation (CFC), including tested income and losses.
If applicable, complete Schedule B (Form 8992) for members of a consolidated group. Report relevant amounts from Schedule I-1 (Form 5471) for each CFC owned.
Follow the instructions on the form to calculate your GILTI inclusion amount accurately, ensuring all calculations align with IRS guidelines.

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Who must file the IRS form 8995?

Form 8995 is the IRS tax form that owners of pass-through entitiessole proprietorships, partnerships, LLCs, or S corporationsuse to take the qualified business income (QBI) deduction, also known as the pass-through or Section 199A deduction.

Who needs to file gilti?

Under section 951A, U.S. shareholders who own (within the meaning of section 958(a)) stock in a CFC are required to include GILTI in gross income. Form 8992 is used by a U.S. shareholder to calculate the amount of the GILTI inclusion and to report related information.

What is the penalty for filing form 8992?

Like other information returns pertaining to foreign corporations, the penalty is $10,000 for failure to file this form, or provide all the required information. Failure to file after notification by the IRS incurs an additional penalty per month of up to $50,000. (Treasury Reg. Section 1.6038-5.)

Who is required to file form 8992?

Form 8992 is required for U.S. shareholders of CFCs who own at least 10% of a foreign corporation, either directly or indirectly. U.S. citizens, green card holders, and resident aliens who own foreign corporations that meet the definition of a CFC must file this form if their foreign business generates net income.

Who is responsible for filing form 8922?

If the employer has contracts with more than one insurer or agent, the employer must file a separate Form 8922 for the wages and taxes related to each contract. supplying the name and EIN, and then file one Form 8922 for the wages and taxes related to the employers for which it isnt supplying the name and EIN. Box 1.

What is 8992?

U.S. shareholders of controlled foreign corporations use Form 8992 and Schedule A to figure their global intangible low-taxed income inclusions under section 951A and its related regulations.

What is the formula for calculating Gilti?

Calculation: GILTI = Total Income - 10% of Tangible Assets.

About Form 8992, U.S. Shareholder Calculation of ... - IRS-2025

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