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This will depend on the country you live in, but you are correct the IRS is probably going to be pretty interested in any company showing no profit.
If you are in a country with a tax treaty with the US, then you are also likely to have a transfer pricing agreement. The transfer pricing agreement basically means that both countries tax departments have agreed that when conducting transactions between related entities, they have to be at fair market value so that the correct portion of taxable income and expense is attributated to the right country.
So you basically cant go an invoice 100% management fees, if that is not commercially reasonable.
**Disclaimer: Ofcourse, this is my opinion and please seek independant legal and accounting advice.
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