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MyVirtualCPA, Master's Degree
Category: Essays
Satisfied Customers: 16576
Experience:  I have a Master's Degree in accounting, and always enjoyed writing articles and papers.
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This is for Megan C. Do you think our states tax systems

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This is for Megan C.

Do you think our states' tax systems resemble the worldwide tax system or the territorial tax system? I find this confusing. I have done a lot of multi-state returns and I feel that they resemble the worldwide tax system. I say this because when I prepare taxes for taxpayers who have income from other countries, if they have paid taxes to the other countries, the current federal system gives them a credit. The same applies to the states. Any thoughts?
Submitted: 3 years ago.
Category: Essays
Expert:  MyVirtualCPA replied 3 years ago.
Thanks, XXXXX XXXXX your question. I think that the states mimic the worldwide tax system. It's similar to how countries work. That's what I would say. I would use the analogy of how you get the credits for taxes paid to other states. That's very good.

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Customer: replied 3 years ago.

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