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GILTI Implemented

Expatriate taxpayers may need to be aware of tax consequences in multiple nations.  When the rules in those nations change, following them becomes more complicated.  Recently the United States’ Internal Revenue Service came out with guidance forms and instructions for provisions of the Tax Cuts and Jobs Act under the name Global Intangible Low-Taxed Income, or GILTI.  In a recent report the Treasury Inspector General for Tax Administration noted that the TCJA’s international reforms include shifting the tax regime toward more of a quasi-territorial system to reduce the incentive for domestic companies to shift their assets overseas.  Want to know more?  Check out Michael Cohn’s article in accountingtoday

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