Taxpayers who have accrued or paid foreign income taxes in a U.S. possession or foreign country can generally deduct those taxes from their U.S. tax on foreign source income. The foreign...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/17/2022
GILTI stands for Global intangible low-tax income, which is income earned from other countries by U.S-controlled foreign corporations (CFCs), and it undergoes peripheral treatment...
Posted by Rosovich & Associates, Inc. on 11/10/2022
The White House and Treasury released the first details of the Biden administration's 2021 tax reform proposal, a major focus in Washington, DC. Tax code changes are expected in...
Posted by Tiffany Gaskin on 07/16/2021
The Tax Cuts and Jobs Act provided noteworthy improvements to the way U.S. multinationals' foreign benefits are taxed. This new meaning of income is intended to demoralize organizations...
Posted by Larry Hurt on 08/26/2019
Tax laws are passed by Congress, tax revenues are then collected by the Treasury Department, and the reporting and collection process is done by the International Revenue Service (IRS)....
Posted by Flynn Financial Group Inc on 08/23/2019
