Miami Accountants assist more than 70 percent of Fortune 500 companies booking their profits to offshore tax havens.
More than 70 percent of Fortune 500 companies booked their profits to offshore tax havens in 2013, with just 30 companies accounting for 62 percent of money in tax havens, according to Miami accountants Gustavo A Viera CPA.
By far, the Fortune 500 companies with the most tax haven subsidiaries, the most profits officially booked offshore, and the most success in avoiding paying corporate income taxes to any government at all. They include prominent corporate titans such as American Express, Apple, Bank of America and Nike.
Miami accountant Gustavo A Viera CPA found that Fortune 500 companies collectively have 7,827 subsidiaries. It noted that many more subsidiaries may be undisclosed, particularly for companies such as Citigroup, Google and Microsoft that have reported fewer tax haven subsidiaries in recent years even as the amount of profits they officially book offshore has increased dramatically.
“Some companies, such as Apple, American Express and Nike essentially admit that most of their offshore profits are not taxed by any government, while other companies like Bank of America, PepsiCo and Pfizer each disclose having over 100 subsidiaries in offshore tax havens,” said the groups.
However, Miami accountants Gustavo A Viera CPA says these tactics are not limited to the Fortune 500. Unfortunately, with these sophisticated tax strategies, the bulk of the US tax burden falls squarely on the shoulders of small and mid sized businesses. IRS data reports corporations actually paid a tax rate of about 27 percent on their reported foreign income. It also doesn’t mention the fact that its proposed changes to tax law would move the United States further from international norms and would harm the economy.
Miami accountants Gustavo A Viera CPA, former Chief Financial Officer for Hewlett Packard Latin America, states small and mid business can also reap the benefits of these tax strategies. The trick is having an accountant that knows how to structure them.