Yes, you can use Foreign Tax credit on corporate net income through Form 1118, the Foreign Tax Credit form for Corporations.
Foreign limited liability corporations that are over 50% owned by US taxpayers may be subject to US taxation on their net income. The most common method of taxation is the Global Intangible Low-Taxed Income (GILTI), which is calculated on IRS Form 8992.
If the corporation’s income tax rate is high enough, we’ll attempt to exclude your net profit from US taxation. If not, we’ll attempt to optimize your return using local taxes paid abroad on your corporate net income using the Section 962 Election.
Your MyExpatTaxes Tax Professional will guide you through the process and advise you on how to optimize the taxation on your foreign limited liability company.
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