Video: Multijurisdictional Tax Issues Overview

In this lesson, Nick Palazzolo, CPA, breaks down the complexities of multijurisdictional tax issues that span across states and countries. Nick starts off by clarifying the concept of nexus, explaining its implications for businesses operating in various jurisdictions, and what factors might establish a tax obligation. Dive deep into the principles of apportionment and allocation, understanding how to divide income for tax purposes when operating in multiple states. This lesson also differentiates between foreign branches and foreign subsidiaries, detailing their unique tax considerations. Gain insights into the intricacies of sourcing income for foreign tax credit purposes and grasp the essentials of federal tax withholding requirements on numerous types of payments. Toward the end, Nick briefly touches on specialized topics like the BEAT tax, foreign derived intangible income, and GILTI tax, ensuring a comprehensive grasp of this pivotal taxation area.