If you are a U.S. tax resident who is a shareholder of a Controlled Foreign Corporation (CFC) or who has an ownership interest in a Controlled Foreign Partnership, or a foreign limited liability company, you may have reporting requirements beyond the filing of tax returns. Foreign trusts, certain foreign-based sole proprietorships, certain foreign retirement plans, and certain financial foreign investments are also subject to additional reporting requirements. Asset distributions, liquidations, and transactions with related parties will add to the scope of foreign entity reporting. Foreign income that has not been repatriated to the U.S. may be subject GILTI tax.