I understand why the USD Government would want to go after US Citizens who hold corporations in foreign countries to avoid paying income tax, but what about say, a duel citizen who lives in Canada, runs a business in Canada, and pays Canadian income tax for it's corporation. Is the US Gov really entitled to double tax that income that was not made on local soil or by a local resident?
this is the best video to explain the rule. Thank you!
I understand why the USD Government would want to go after US Citizens who hold corporations in foreign countries to avoid paying income tax, but what about say, a duel citizen who lives in Canada, runs a business in Canada, and pays Canadian income tax for it's corporation. Is the US Gov really entitled to double tax that income that was not made on local soil or by a local resident?
Thank you for sharing the calculation.
Do you still use the highest corporate tax rate on S Corps?
thank you so much
Thank you so much for clarifying with this video. Do you have a follow up on how to prorate foreign tax credits against the transition tax?
thanks for sharing, I got it now!!