IR-2020-147: IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income

IRS Newswire July 9, 2020
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Compliance & Enforcement Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2020-147 Inside This Issue IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income WASHINGTON — The Internal Revenue Service issued final regulations that provide guidance on deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income allowed to domestic corporations under the Internal Revenue Code. These final regulations provide guidance on both the computation of the deductions available and the determination of FDII. In addition, the guidance provides rules for the computation of FDII in the consolidated return context. The guidance published today also finalizes the reporting rules requiring the filing of Form 8993, Section 250 Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income. For more information about this and other Tax Cuts and Jobs Act provisions, visit IRS.gov/taxreform. Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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