Do you receive income from a foreign corporation? Or is part of your business located outside the United States? If so, here is a deduction and a couple of taxes you might not be aware of. First, in general, you can now deduct dividends you receive from foreign subsidiaries. Next, the first tax is a tax on Global Intangible Low-Tax Income. Generally, this is income from foreign assets such as patents, trademarks and copyrights. The tax on global intangible low-taxed income only applies if you are a U.S. shareholder who owns at least 10 percent of a controlled foreign corporation. You need to include this income as part of your taxable income every year. This rule applies even if the corporation does not distribute income to its U.S. shareholders. The second tax is the Base Erosion and Anti-abuse Tax, also known as "BEAT." It mostly affects U.S. corporations that make deductible payments to foreign-related parties. It applies if your corporation has gross receipts of more than $500 million over a three-year period. For more information, go to irs.gov/taxreform. Then select "International Businesses."