We have updated our YouTube video on GILTI, which we originally discussed here. We had previously believed that GILTI would not apply to a controlled foreign corporation's income that was subject to a foreign tax rate of at least 18.9% (90% of the new U.S. corporate tax rate of 21%). That was incorrect. The foreign tax rate is only relevant to a very narrow exception to GILTI. If a controlled foreign corporation had income that... Read more →