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Clients Letter

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Assignment 1: Foreign Source Income Rules (Client Letter)

Ditanyan Patterson
Beth Hewitt

Strayer University
ACC.568
April 16, 2016

Abstract
I’m a CPA whom in which is working as a tax professional engaged to provide tax advice to my client with operations in the United States and internationally. My client has specifically requested information on strategies that she can use to minimize tax effects of foreign sourced income. First and foremost I must explain to my client the meaning of foreign sourced income. Foreign sourced income is, "...income earned from investments made outside of the domiciled country of the investing entity such as mutual fund and that is typically taxed at the foreign source." (Hanlon, Seth. 2012) Within the U.S., foreign sourced income is taxable to recipients although a foreign tax credit may be available for eligible taxpayers. Generally, it’s true that foreign income is taxed less heavily than U.S. income, both foreign and U.S. taxes on foreign sources income are likely to increase in the future. The increase will gradually take place, however, while being effective rates of taxation will continue to rise, leading to multinational companies to find new ways to take advantage of existing tax havens.
Create a letter to communicate to your client

Dear Client, To my understanding you're in the need of a professional opinion on tax advice with operations in the United States and internationally. Due to you having operations in the United States and also international you must report your worldwide income on your tax returns. Stated by the IRS "... if you are a U.S. citizen or resident alien, you must report income from all sources within and outside of the U.S." As a U.S. citizen or resident alien, the rules for filing income, estate and gift tax returns are the same whether you are living in…...

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