FDII

Deductions are Allocated and Apportioned in Classes Existing in Year Taken (AM 2022-001, 5/6/2022)

Taxpayers argue that deferred compensation expense earned prior to the enactment of 250(b) Foreign Derived Intangible Income should not...

Additional Drafts of 2021 Schedules K2 and K3 Released

Draft 2021 Schedules K2 and K3 Released (IR-2021-98; April 30, 2021) The IRS has released draft Schedules K-2 and K-3 for the Forms 1065,...

Illinois Releases Proposed 2022 Budget which Decouples FDII and the GILTI Deduction

State Conformity with FDII and GILTI What is deductible or an inclusion for Federal tax purposes may not always be the same for state...

Domestic Corporations with Foreign Revenue, Don’t Forget the FDII Deduction!

We have seen this deduction overlooked numerous times by taxpayers because they were not aware it existed. Any US corporate taxpayer...