Apple is renowned worldwide for its creativity. Think iPad. Think iPhone. Think iMac. The list goes on.
In fact, Think Different was the company ad slogan in the 90s. Today, however, a different sort of creativity has put Apple in the headlines. Let’s call it creative tax accounting.
At the crux of the controversy is a series of assertions by a U.S. Senate panel that the company avoids billions of dollars in U.S. taxes by shifting profits to foreign affiliates.
Is this tax evasion, tax avoidance or simply effective tax planning?
As we wrote earlier, there is often a fine line between tax evasion, tax avoidance and tax planning. And when it comes specifically to offshore investments, it’s extra important to know the rules.
To get you started on this topic, we’ve prepared an article entitled Report Any Income From Foreign Sources.