We are frequently approached with client requests to assist with GILTI Tax Compliance. Some common questions are:
- Does GILTI apply to me?
- I have several lines of business – how do I apply GILTI tax to only one portion of my business?
- Is GILTI shown on my form 5471? What other forms do I need to complete?
- What is the percentage tax on GILTI?
- I am thinking of creating a foreign subsidiary. What can I do to make sure that GILTI does not apply to me?
- I just realized that I have been filing my tax incorrectly last couple years. What can I do to correct the situation? How can I avoid penalties for non-compliance?