How To Handle With Tax Preparation: Difference between revisions
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Revision as of 21:44, 31 October 2024
A credit is allowed for foreign income taxes paid or accrued. The money is limited for that part of You.S. tax due to foreign source income. It is not refundable, but any excess credit may be carried to other years to reduce tax.
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The IRS collected $3.4 billion from GlaxoSmithKline for allegedly cheating on its taxes. The government contended that evaded taxes by making several inter company transactions to foreign affiliates regarding two of its patents and trademarks on popular drugs it possess transfer pricing . That is known as offshore tax fraud.
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