WARNING this is very dangerous information. Maybe 10 years ago it worked, patriot act muted all these simple tricks.
vhehn-you can go around FBAR easily, but! there is will be multiple violations when you start moving money,spend them etc.. form the company with couple more "partners", lower your "share" position or financial interest in this company to below 50% and document this fact and YOU(personally) don't have to file FBAR. but the treasurer of corporation must file on behalf of corporation. confirmed directly by IRS.
maybe but how do you get around this: There are questions on multiple tax returns (such as Forms 1040, 1041, 1065 and 1120) that seek information related to the existence of foreign accounts. Even if the taxpayer has no interest or dividends (which would otherwise be reported in Question 7, Part III of Form 1040, Schedule B; Line 3, Schedule G of Form 1041; Line 9 of Schedule B of Form 1065; or Line 6a of Schedule N of Form 1120), the requisite Schedule must be completed to report the existence of the foreign account. If a taxpayer fails to report the account on his or her tax return, it may be considered an incomplete return â and the statute of limitations would remain open indefinitely for the underlying income tax. Of much greater importance, however, is Section 12.08(6)(g) of the Department of Justice Criminal Tax Manual, which provides that responding ânoâ on the Form 1040 can be the basis for a tax evasion prosecution.
IRS Studying âProtocolsâ for Joint Audits With Other Countries By Ryan J. Donmoyer Dec. 10 (Bloomberg) -- The U.S. Internal Revenue Service is working with tax-collection agencies in other countries on how to conduct joint audits of multinational corporations, Commissioner Douglas Shulman said. âWe are in the very early stages of looking at these protocols,â Shulman said today at a conference in Washington co-sponsored by the IRS and George Washington University. Shulman had said in June he was discussing the idea with officials in other nations. Joint audits would be part of a global effort to crack down on cross-border tax evasion, spurred in the last year by tax- evasion cases involving banks in Liechtenstein and Switzerland. Barry Shott, deputy IRS commissioner in charge of international tax issues, said joint audits probably would be conducted by a special agency set up by the U.S. and other countries in 2004 to share information about tax shelters. âItâs new,â Shott said regarding the joint audit program. âI think youâre going to see more of it.â The special agency, the Joint International Tax Shelter Information Center, has offices in Washington and London. Members include the U.S., the U.K., Canada, Australia and Japan. China and South Korea participate as observers. The agency has been used in limited cases to track individuals and companies suspected of flouting tax laws. Shulman said he has expanded the agencyâs scope to encourage the exchange of information about a broader range of tax-avoidance techniques. http://www.bloomberg.com/apps/news?pid=20601087&sid=afm_d0Arl564&pos=9
there are lots of ways to structure companies so that you pay very litle taxes...move to canada and you have a 5yr tax holiday...in the uk you get a 7yr tax holiday>>>you do not have to pay taxes on all of your trading if you structure yourself correctly unless you are from the communist countries of north korea or united states of america. if you are a citizen of either of these countries then you are their dog for life and they can take every dime of your life savings any time they please....and extract any tax they chose on your worldwide income.
i believe thats a standard expat exemption which is now up to 88k, but you have to be out of the US for 320 days in that year or something like that. is anyone doing this? 88k tax free is free rent and a lot of fun in many places... my question is, does it work with being an idependent remote trader on a K1 or does one have to be in an actual office/company in a foreign location.' basically can one travel around and trade for a yr, outside of the US and get the 88k deduction ?