Thus thousands of US-based corporations (companies), including all the Fortune 500 and individuals have made a point of deliberately avoiding such taxes by incorporating in Bermuda, legally accumulating their profits in their Bermuda entities and ensuring these profits are not repatriated back to the USA to be taxed.
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Americans who live and work or are unemployed in Bermuda, Bermudians and other Bermuda residents with any financial interests in the USA such as owning any US stocks or shares, real estate or other relevant interests are all required by US laws to complete the USA's Internal Revenue Service tax returns and reports.
The USA has the world's most complex web of national, state and local taxes and some staggering Federal corporation taxes, highest in the world in Federal taxes and consequent reduction of profits, anti-trust bureaucracy and more.
In the Interest and Dividend Compliance Act of 1983, Congress expanded the definition of "North American area" to include Bermuda and select Caribbean countries as specified in the Caribbean Basin Economic Recovery Act.
As a result, a US resident taxpayer attending a legitimate business convention in Bermuda can deduct from his or her USA Internal Revenue Service taxes all costs incurred in Bermuda.
US corporations that use Bermuda as a tax shelter include many dozens in the AIG group, GE, hundreds in the Chevron group and thousands more.