The IRS has announced new data (for tax year 2017) for foreign-controlled domestic corporations. For 2017, there were 128,601 tax returns filed with the IRS for domestic corporations with foreign owners (usually other corporations) who had 50% or more of the domestic corporation’s stock. These returns reported $14.6 trillion of total assets and $5.5 trillion of total receipts. They also reported $76.3 billion of net income less deficit. There were 52,671 returns that had profits (net income) of $215.6 billion for the 2017 tax year. After credits, these returns reported $43.8 billion of total income taxes. Call or visit our website for more information! www.mjscpa.com/
