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tical · 03-17-2010, 07:01 PM

If someone were to start an offshore corporation as a US citizen. Will you (as a US citizen) be liable / taxed on the income from this corporation if you are not bringing any of into the states?

Say your offshore corporation, "ABC Corp", earns $50k in 2010. You never transfer any of this money into the states. Later, you decide to go to Thailand for a few months and access the funds from there. You return to the US with $0 in your pocket, no souvenirs, etc.

Does this scenario violate any specific tax laws in the US if you're a US citizen? I can't imagine how it would, but I'm curious. Anyone here know?

Hmm... tax form 5471

03-17-2010, 07:01 PM
tical Confirmed User Join Date: Feb 2002 Location: Las Vegas Posts: 6,504	Taxes / offshore question If someone were to start an offshore corporation as a US citizen. Will you (as a US citizen) be liable / taxed on the income from this corporation if you are not bringing any of into the states? Say your offshore corporation, "ABC Corp", earns $50k in 2010. You never transfer any of this money into the states. Later, you decide to go to Thailand for a few months and access the funds from there. You return to the US with $0 in your pocket, no souvenirs, etc. Does this scenario violate any specific tax laws in the US if you're a US citizen? I can't imagine how it would, but I'm curious. Anyone here know? Hmm... tax form 5471 Last edited by tical; 03-17-2010 at 07:08 PM..