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Client Letter-acc568 - Assignment Example

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Globalizing your business operations means that the taxation of your company’s income and revenue is going to be subject to not only U.S state laws, but also the laws of the foreign country. The U.S government handles these matters by applying the rules of international…
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Client Letter-acc568
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Download file to see previous pages Therefore, the amount of total tax paid for international transactions of corporations depends on the manner by which deductions and incomes are sourced in the countries where the transactions are taking place. However, I will try to break down the U.S source rules for incomes and deductions. As you know, the U.S government takes these matters seriously and I have every intention of addressing all your issues expertly (Yonah, 2007).
According to Dykes, with regards to taxation of source income and deductions, the U.S government adopts a taxation methodology known as the worldwide approach. As indicated by the name, the approach involves taxing the income of the globalized corporation regardless of the source of income, whether the source of the income is foreign based or locally based in the U.S. Under this methodology, your company will face the tax burden that locally based companies are subject to (Dykes, 2011).
Therefore, your company will have to allocate its global capital on economic factors rather than tax considerations. In retrospect, your company will promote global efficiency in connection to capital allocation. Unfortunately, the advice your friend gave you is misinformed, but do not despair because there are ways to reduce the amount of tax that your company is going to be liable to the IRS.
As per your request, there are a few ways that your company can mitigate tax impact form the U.S with regards to income sourced from foreign nations One such method is keeping active income from foreign sources in offshore locations up to the time when your company wants to repatriate the income back to the U.S. Income arising from your foreign based branch/operations is only going to be taxed until it is repatriated via dividend distributions in your U.S based head offices. This is known as deferral tax. In addition, the U.S allows companies such as yours, a tax credit for ...Download file to see next pagesRead More
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