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In addition, Merck, another pharmaceutical company, agreed pay out the IRS $2.3 billion o settle allegations of Kontol. It purportedly shifted profits offshore. In that case, Merck transferred ownership of just two drugs (Zocor and Mevacor) with shell it formed in Bermuda.
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Conversely, earned income abroad, and second income from foreign securities, rental, or whatever else abroad, could be excluded from U.S. taxable income, or foreign taxes paid thereon, could be used as credits against Ough.S. taxes due.
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It's still ideal to get legal counsel during regular IRS choices. Those who only get lawyers during serious Tax Problems are stretching their lucks too thin. After all, why wouldn't you wait to IRS problem to happen before employing a professional who knows everything you should know about place a burden on? Take the preventive approach and avoid problems with the IRS altogether by letting professionals exploration . taxes.
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The great part is the county is getting their tax money to offer us with roads, fire and police departments, and so forth. Whether they use domestic or foreign investor dollars, most of us win!