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Are U.S. shareholders of small businesses abroad subject to increased taxes?

Small Business U.S. Shareholders
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Tax Professional Answers

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Dan Gordon
US taxpayers are required report all their world wide income. Being a shareholder of any business domestic or foreign living in the US or abroad does not subject anyone to pay a US Income tax regular or increased. The US tax is an INCOME tax so the criteria is not ownership but was there any income as a result of the income, i.e. dividends etc. and if foreign tax was paid on that income then the Foreign Tax Credit can be used.
Leave a Comment 18 weeks ago

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John Richardson
Individual Americans abroad, who are shareholders in their small business corporations, are now subject to at least triple taxation on their active business income! Read this article: www.taxconnections.com/taxblog/seriously-now-whos-gilti-senators-wyden-and-brown-attempt-to-reinforce-the-punishment-of-gilti-americans-abroad/
Leave a Comment 17 weeks ago

 

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