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Essay Available:
Pages:
2 pages/≈550 words
Sources:
3 Sources
Level:
APA
Subject:
Accounting, Finance, SPSS
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 12.64
Topic:

International Tax Research and Planning (Research Paper Sample)

Instructions:
You are a CPA professional and are assisting a new client who is expanding a business that operates in the United States to having a global presence with operations in foreign countries. The new client is concerned about how he can mitigate the U.S. tax impact from revenue sourced in foreign countries. The client was advised by a friend that claims he did not have to pay any U.S. tax on income received from outside the U.S. Research the various rules regarding source rules for income and deductions. Write a one to two (1-2) page paper in which you: 1.Construct a letter to communicate to your client about the source rules for income and deductions and the circumstances that income received in foreign countries may or may not be taxed in the U.S. 2.Make a recommendation to the client as to how to mitigate the U.S. tax impact from income received from outside the U.S. Provide facts to support your recommendation. 3.Use at least two (2) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources source..
Content:
International Tax Research and Planning Student: Professor: Course title: Date: International Tax Research and Planning United Stated multinationals generally pay much lower taxes on proceeds obtained from their overseas investments compared to proceeds obtained from their domestic investments. This serves to give companies a strong incentive to move their economic activities and income from the United States into other nations. International tax regimes cover the range between territorial and worldwide or residence. A worldwide tax system often taxes a firm on its global profits, in spite of where that income was generated. Conversely, a territorial tax system would tax only the domestic share of the income of a multinational company (Marr & Highsmith, 2012). Tax deferral and Tax Credits To effectively mitigate the U.S. tax impact from income that the client received from abroad, he has to capitalize on tax deferral and tax credits. At present, the U.S. corporate income tax is a hybrid – having features of both residence/worldwide and territorial tax systems –, since it taxes U.S. based companies on a worldwide basis, whist giving a credit for overseas taxes paid in order to avoid paying taxes twice. Tax deferral: In its direction toward territorial system...
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