2021 International Slides 12.09.2021 - FINAL | Page 17

• Foreign Tax Credit – Form 1118 / 1116
• Tax Cuts & Jobs Act of 2017
‣ Buckets of Passive / General / GILTI / Foreign Branch
• Proposed Build Back Better Act
‣ Reporting on country by country basis for each CFC
• Foreign Bank and Financials Accounts Reporting ( FBAR )
• Informational Return
• Must report highest balance of all foreign financial accounts if aggregate balance is at least $ 10,000 at any point during the year
‣ Financial accounts include bank accounts , brokerage accounts , retirement accounts , life insurance policies with CSV , etc .
• Amnesty program still available for individuals
• Other – foreign trusts , gifts , inheritances , payments to foreign persons and tax withheld , etc .

Disclosures ( cont ’ d )

• Forms to be filed

• Foreign Tax Credit – Form 1118 / 1116

• Tax Cuts & Jobs Act of 2017

‣ Buckets of Passive / General / GILTI / Foreign Branch

• Proposed Build Back Better Act

‣ Reporting on country by country basis for each CFC

• Foreign Bank and Financials Accounts Reporting ( FBAR )

• Informational Return

• Must report highest balance of all foreign financial accounts if aggregate balance is at least $ 10,000 at any point during the year

‣ Financial accounts include bank accounts , brokerage accounts , retirement accounts , life insurance policies with CSV , etc .

• Amnesty program still available for individuals

• Other – foreign trusts , gifts , inheritances , payments to foreign persons and tax withheld , etc .

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