Accounting Today details the issue of repatriation of foreign profits. Perhaps you caught the 60 Minutes story on companies setting up shell headquarters in Switzerland. In brief, many U.S. based companies have been recording their profits in foreign countries, thus avoiding a large portion of U.S. taxes. There have been suggestions in Washington to have a “tax holiday” on the repatriation of those profits. Treasury has already stated their opposition to this plan. Please contact us you would like to discuss how your company may be impacted by proposed accounting and legislative changes.