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MyVirtualCPA, Master's Degree
Category: Essays
Satisfied Customers: 16580
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

Customer Question

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.