Offshore company question

[businesst]

What is the name of your state (only U.S. law)? Any

Hello,

1. I have an offshore company. Do I only have to pay taxes if I bring the money that I make with the company home? For example I earn $4000 in a month, wire $1000 home and $3000 remain in the offshore company's bank account. Does that mean I pay taxes only for those $1000?
2. Does that mean that I can earn as much as I want, and as long as I don't wire anything home I don't have to pay any taxes and don't do anything illegal?
3. How can I spend the offshore money in my country? For example if I want to buy real estate?

 

[Mass_Shyster]

Way too vague to provide any answers.

 

[tranquility]

Such things are too complex to answer as all the facts are needed and you have provided nothing even resembling context. For example, are you a U.S. citizen and are you talking about the U.S.? Such things matter.

But, if you do live in the U.S. BE SURE to follow the requirements of FACTA. The IRS is quite serious and people are going to jail or suffering enormous fines.

 

[davew128]

Tranq, I doubt FATCA would be an issue here if its a business the OP has a significant ownership in. I would be more concerned about 5471/8865 or whatever applicable reporting is required for ownership of the business, which negates the FATCA due to duplicative reporting.

 

[brian32]

No businesst, You don't need to pay any tax on the money which you bring to your home. You business is offshore not in the US. All the business activities and outside fro your country so that you are not eligible to pay tax to American Government.

 

[tranquility]

No businesst, You don't need to pay any tax on the money which you bring to your home. You business is offshore not in the US. All the business activities and outside fro your country so that you are not eligible to pay tax to American Government.

Um...got a cite for that?

 

[quincy]

tranquility, although brian32 is, according to his profile, a "good person" from Australia, I am thinking he is not quite so good with U.S. law.

In other words, I wouldn't count on any cite.

 

[HomeGuru]

tranquility, although brian32 is, according to his profile, a "good person" from Australia, I am thinking he is not quite so good with U.S. law.

In other words, I wouldn't count on any cite.

**A: and even if a cite from case law, it may have come from a kangaroo court.