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Deferred taxes on foreign earnings: a road map

Tax Executive, 2011-07, Vol.63 (4), p.247

COPYRIGHT 2011 Tax Executives Institute, Inc. ;Copyright Tax Executives Institute, Incorporated Jul/Aug 2011 ;ISSN: 0040-0025 ;CODEN: TAEXDV

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Title:
Deferred taxes on foreign earnings: a road map
Author: Abahoonie, Edward J ; Alfonso, Leah N
Subjects: Accounting ; Business plans ; Capital requirements ; Consolidated financial statements ; Corporate profits ; Deferred income taxes ; Deferred tax (Accounting) ; Disclosure (Taxation) ; Financial reporting ; Foreign source income ; Foreign source income taxation ; Foreign subsidiaries ; Foreign tax credits ; Guidelines ; Laws, regulations and rules ; Multinational corporations ; Profit ; Reinvestment ; Remittances ; Stock prices ; Tax rates ; Taxation
Is Part Of: Tax Executive, 2011-07, Vol.63 (4), p.247
Description: Based upon an assumption that earnings generated by a foreign subsidiary or corporate joint venture will ultimately be distributed, a liability will be recorded in the consolidated financial statements for eventual home country taxation. The calculation of a deferred tax liability for undistributed foreign earnings is at once complex and subjective. For that reason, US Generally Accepted Accounting Principles permit a company to overcome the presumption of repatriation and forgo recording a deferred tax liability as long as it can support the assertion that management has the intent and ability to indefinitely reinvest the profits or otherwise indefinitely postpone taxation in the home country market. This is known as the indefinite (or permanent) reinvestment assertion. This article presents a checklist that may assist companies with the calculation of deferred taxes on foreign earnings.
Publisher: Washington: Tax Executives Institute, Inc
Language: English
Identifier: ISSN: 0040-0025
CODEN: TAEXDV
Source: AUTh Library subscriptions: ProQuest Central

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Deferred taxes on foreign earnings: a road map

COPYRIGHT 2011 Tax Executives Institute, Inc. ;Copyright Tax Executives Institute, Incorporated Jul/Aug 2011 ;ISSN: 0040-0025 ;CODEN: TAEXDV

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