Someone told me recently that the United States is the only country that imposes a tax on domestic corporations for profits earned outside our borders. Is this true? What has been the impact on such tax policy?

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Welcome to the grand old USA. Yes, the US taxes all their citizens and tax residents on all worldwide income from all sources derived. And yes there are only a few other countries that do the same.

Fortunately, there are many exclusions and credits to help offset the double tax effect.

Chuck Heyde, CPA, CGMA
www.GEMMS.us

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Someone told me recently that the United States is the only country that imposes a tax on domestic corporations for profits earned outside our borders. Is this true? What has been the impact on such tax policy?

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Someone told me recently that the United States is the only country that imposes a tax on domestic corporations for profits earned outside our borders. Is this true? What has been the impact on such tax policy?

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