What is GILTI and how does it affect U.S. shareholders of foreign corporations?
I keep hearing about GILTI in the context of international tax reform. I'm a U.S. person who owns a foreign company, and someone told me I might owe tax on income my foreign company earns even if I never take a dividend. That sounds crazy to me. Can someone explain what GILTI actually is, how it works at a high level, and who it applies to? I want to understand the basics before I talk to my CPA.
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