One of the most significant tax attributes for a U.S. corporation is that of Foreign Tax Credit. A large part of that credit is produced through repatriation planning. Tax Series offers a simple, seven step process to help corporations quantify the effects of repatriation planning through the Distribution Planning Wizard.
- Select the type of distribution
- Select the payor entity
- Create the payor-payee entity transaction
- Update the payor-payee entity transaction
- Review the payor-payee entity transaction
- Post the transactions and run multi-entity calculation
- Review reports
As part of integrated suite, the Distribution Planning Wizard utilizes the data that is already made available as a by-product of compliance. In particular, it re-uses the following data attributes to effectuate the planning scenarios:
- Ownership information
- Entity characterization
- Historical E&P and tax pool
The Distribution Planning Wizard is sophisticated enough to facilitate corporate liquidations and actual distributions. Additionally, it allows brother-sister distribution (such as Section 304 distribution). Combined with the case management functions of Tax Series, the Distribution Planning Wizard can prove to be a very effective international tax planning scenario tool for sophisticated tax planners