Editorial CPA office desk scene showing foreign corporation cash and IRS Form 5471 Schedule I-1 connected by a glowing arrow representing phantom income and GILTI taxation.

Unreported GILTI Income? Streamlined Filing May Help Limit IRS Penalty Exposure

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GILTI (Global Intangible Low-Taxed Income), renamed NCTI under the 2026 One Big Beautiful Bill Act, taxes U.S. shareholders on their share of a Controlled Foreign Corporation’s income above a deemed return on tangible assets, even when no distribution is made. Individual shareholders face the full ordinary income rate (up to 37%) on this phantom income.

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