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I am not a lawyer, but this is what I understand and have filed a few times based on the following as was explained to me by my lawyers:
I am pretty sure if it's the corporation's income it's not your income, until you pay yourself. You need to report any offshore bank account you can sign checks for that has over 10,000 in it to the IRS by tax day, there is no extension for this.
Failing to report on time can lead to fines and jail time if the IRS ever finds out about your bank accounts.
If you are either a legitimate resident (have a resident visa) of a foreign country or else spend less than 3 weeks of the tax year on US soil, and if your income comes from outside the US and is less than 80k, then you can claim an exemption on it when you file and pay zero income tax on it.
This applies to salary only, not dividends or capital gains.
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