Our community is near multiple major ports, including Port Manatee and the Port of Tampa. Taxpayers that import goods through these ports should be aware of U.S. tax issues that can arise from their actions. U.S. taxpayers that import goods from related parties outside the United States have several tax rules to consider in setting their transfer prices and reporting income, including the transfer pricing regimes in both the importing and exporting jurisdictions. Among the U.S. tax rules that such importers must consider is a lesser-known Internal Revenue Code section, Section 1059A. Read more.
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