Hi, I'm Anthony, parent of IRS medic parent & parent LLP. Today, I have Robert Hanssen, our lead international attorney, joining us to discuss some of the changes that occurred in the tax reform, specifically the subpart F changes. The tax reform was introduced in June, and one of the highlights was the tax reform on the postcard. At that time, I couldn't believe in lower rates, but what surprised me even more was the complexity of the tax code. Let's start by understanding what subpart F is for those who may not be familiar. Subpart F is a section of the tax code that creates deemed income for individuals who own majority shares or have major US ownership in foreign companies. Even if you don't receive dividends from your foreign company, the type of activity the company is involved in may result in additional taxable income for you. It's a way to prevent potential abuse and ensure that individuals are taxed on income they should have received from their businesses. However, this can be a problem for individuals who have left their income source in another country, like India or the UK, and assumed that their worldwide income would only be subject to taxes in those specific jurisdictions. Unfortunately, treaties are not very helpful for individuals in such cases, as they primarily benefit companies operating in multiple jurisdictions. Individuals face more challenges in avoiding double taxation. To summarize, as an individual, you are a US person and cannot shift your jurisdiction outside of the US.
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5471 Schedule i-1 Form: What You Should Know
SCHEDULE I-1. (Form 5471). (Rev. December 2021). Department of the Treasury. Internal Revenue Service. Information for Global Intangible Low-Taxed Income. About Form 5471, Information Return of U.S. Persons — IRS Certain U.S. persons with interests in certain foreign corporations file Form 5471 and schedules to satisfy the 2021 Schedule I-1 for IRS Form 5471 — SF Tax Counsel Mar 30, 2024 — Schedule I-1 asks the CFC shareholder to enter a category of income. Schedule I-1 is completed once(for general income, passive income, or both) Demystifying the IRS Form 5471 Part 5. Schedule I-1 Nov 15, 2024 — Each year certain U.S. persons with interests in foreign corporations must file Form 5471 otherwise known as “Information Return of U.S. Schedule I-1: Global Intangible Low-Taxed Income — Form 5471 Schedule I-1 contains information about Global Intangible Low-Taxed Income (GILT) for the CFC Demystifying the IRS Form 5471 Part 5. Schedule I-1 Nov 15, 2024 — Each year certain U.S. persons with interests in certain foreign corporations must file Form 5471 otherwise known as “Information Return of U.S. Schedule I-1: Global Intangible Low-Taxed Income — Form 5471 Schedule I-1 contains information about Global Intangible Low-Taxed Income (GILT) for the CFC Demystifying the IRS Form 5471 Part 5. Schedule I-1 Nov 15, 2024 — Each year certain U.S. persons with interests in certain foreign corporations must file Form 5471 otherwise known as “Information Return of U.S. Schedule I-1: Global Intangible Low-Taxed Income — Form 5471 Schedule I-1 contains information about Global Intangible Low-Taxed Income (GILT) for the CFC Demystifying the IRS Form 5471 Part 5. Schedule I-1 Nov 15, 2024 — Each year certain U.S.
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