[U.S. Tax] 2018 U.S. Individual Income Tax Reform

[U.S. Tax] 2018 U.S. Individual Income Tax Reform

1. Individual Income Tax

1) Who must file

If you are a U.S. citizen or resident alien, the rules for filing income tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. Your worldwide income is subject to U.S. income tax, regardless of where you reside.

2) When should you file

File form 1040 by April 15, 2019. You can get the automatic 2-month extension if you live outside the United States and you can get an automatic 6-month extension if, no later than the date your return is due, you file form 4868.

3) What’s new in 2018

(1) Form 1040 has been redesigned for 2018.

(2) Forms 1040A and 1040EZ no longer available and you will now file form 1040.

(3) Reduction in tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.

(4) Standard deduction amount increased.

(5) Personal exemption suspended.

(6) Increased child tax credit and additional child tax credit.

(7) New credit for other dependents.

(8) Social security number (SSN) required for child tax credit.

(9) Qualified business income deduction up to 20%.

(10) Your overall itemized deductions are no longer limited.

(11) Your deduction of state and local income, sales, and property taxes is limited to a combined, total deduction of $10,000 ($5,000 if married filing separately).

(12) You can no longer deduct job-related expenses or other miscellaneous itemized deductions.

(13) Alternative minimum tax (AMT) exemption amount increased.

(14) If you own (directly or indirectly) certain foreign corporations, you may have to include on your return certain (Section 965) deferred foreign income.

(15) If you are a U.S. shareholder of a controlled foreign corporation, you must include your Global intangible low-taxed income (GILTI) under section 951A in your income.

(16) The domestic production activities deduction has been repealed with limited exceptions.

2. FBAR (Reports of Foreign Bank and Financial Accounts)

U.S. taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any time during the taxable year generally must file an FBAR. The FBAR due date is April 15, 2019 and you can get the automatic 6-month extension without specific requests required.

3. FATCA (Foreign Account Tax Compliance Act)

U.S taxpayers must file a form 8938 with form 1040 if you must file an income tax return and you have more than the following amounts of specified foreign financial assets.

Filing status	Taxpayers living abroad		Taxpayers living in the United States
	on the last day of the tax year	at any time during the year	on the last day of the tax year	at any time during the year
Single	$200,000	$300,000	$50,000	$75,000
married filing separate	$200,000	$300,000	$50,000	$75,000
married filing a joint	$400,000	$600,000	$100,000	$150,000

4. International Information Return 

U.S. taxpayer must file the following international information return, if applicable. 

1) Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts 

2) Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner 

3) Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations 

4) Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business 

5) Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation 

6) Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, etc. 

5. Streamlined Filing Compliance Procedures 

The U.S. IRS Streamlined Filing Compliance Procedures (SFCP) are available to taxpayers certifying that their failure to report foreign financial assets accounts (FBAR & FATCA) and pay all tax due in respect of those assets accounts did not result from willful conduct on their part. The taxpayers who are eligible for and use the SFCP may reduce penalties completely or substantially. 

1) Streamlined Foreign Offshore Procedures (SFOP): Reduce penalties completely  

2) Streamlined Domestic Offshore Procedures (SDOP): Reduce penalties substantially (50%→5%) 

The following tax information is for your reference, and is not legally binding.

Source: IRS

[미국법인] 2018년 귀속 미국 법인소득세 개정세법

1. 연방정부 법인소득세

1) Who must file

모든 미국법인은 소득이 있던 없든 소득세 신고를 해야합니다.

2) When should you file

미국법인 (Form 1120)의 신고기한은 2019년 4월 15일까지입니다 (참고. Form 1120S, 1065는 3월 15일까지). 신고기한 전에 Form 7004를 제출하면 신고기한을 최장 6개월까지 연장할 수 있습니다.

3) What’s new in 2018

(1) 단일세율 21%

(2) 최저한세는 2017년 12월 31일 이후 법인에게는 적용되지 않습니다. 더불어 이전년도의 최저한세공제이월액은 환급받을 수 있습니다.

(3) Base erosion minimum tax: 전년도 3년 중 한번이라고 총매출이 적어도 $500 million이라면 Form 8991을 작성해야 합니다.

(4) 현금기준을 사용할 수 있는 소기업의 기준이 확대되었습니다.

(5) 사업이자비용공제 제한

(6) 피지배외국법인의 미국주주는 Global intangible low-taxed income (GILTI)를 미국주주의 총소득에 포함시켜야 합니다.

(7) Foreign-derived intangible income (FDII)과 GILTI에 대해서 적격한 배율만큼 공제

(8) 특정 10% 소유 외국법인으로부터 받은 해외배당에 대한 공제

(9) Treatment of deferred foreign income upon transition to participation exemption system of taxation: 특정외국법인의 미국주주는 Section 965에 따라 해당법인의 accumulated post-1986 deferred foreign income 부분을 미국주주의 소득세에 포함시켜야할지 모릅니다.

(10) 국내생산활동공제 폐지 (예외적 적용)

(11) 결손금 2-year carryback 규정 폐지

(12) 복합거래 또는 복합실체에 대한 특수관계자의 특정 이자 또는 사용료 공제는 해당 금액과 관련된 소득액이 포함되지 않는 금액만큼 또는 공제가 허용되는 금액만큼 부인될 수 있습니다.

(13) 적격소득을 Qualified Opportunity Funds (QOFs)에 투자한 주주에게 세무혜택제공

(14) 휴급 가족휴가 또는 병가에 대한 공제

2. 주정부 법인소득세

신고의무요건은 법인세 신고를 하는 주정부마다 다릅니다. 통상 주정부 신고기한은 연방정부 신고기한과 일치합니다.

위의 세무정보는 참고사항이며 법적으로 효력이 없습니다. 

출처: IRS