First Look: IRS finalizes guidance on deduction for foreign-derived intangible income and global intangible low-taxed income

The US IRS today issued final regulations that provide guidance for corporations on the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) rules.

The final regulations also coordinating the deduction for FDII and GILTI with other provisions in the Internal Revenue Code.

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.