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« IRS to Require Manual Entry of Tax ID Numbers on W-2 Forms | Main | Risk Management and Fraud Seminar – September 16th »

August 14, 2011

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PaulNYC

I think if the FASB wanted to do Americans a favor, they would REQUIRE foreign corporations to recognize the net US tax on ALL foreign subsidiary earnings, irrespective of whether they are actually remitted; that is, as if the company was liquidated and all earnings distributed.

Existing GAAP gives earnings that are to be "permanently reinvested" (i.e., never remitted as a dividend) to the US a huge tax break on the comany's GAAP basis financial statements. Remitting them causes a P&L hit and an increase in the company's effective tax rate. The decision to remit profits should be entirely tax neutral. It would be if GAAP was amended.

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