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Originally Posted by Meteoseek
Americans, what tax forms are you filling from income coming from offshore company? Is there are any restrictions running offshore businesses for US residents? Owning corporate/private bank accounts abroad?
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Normal income declaration. No restrictions running offshore businesses for US residents. You can open bank accounts anyplace you want.
BUT.... You are obliged to report income to the IRS irrespective whether you are resident in the US or not.
If you are the beneficial owner of an offshore corp and a US citizen - you are legally obliged to report income. What's the point of running an offshore business and having "private" bank accounts abroad when you then tell *anyone* about them. They are no longer private.
OK.. There are ways to have offshore structures and keep them above board and cover your ass legally, but you really need to deal with an experienced US tax/corporate lawyer on this.
Sadly the above only applies to the US in the main - other countries don't have this restriction - as long as the beneficial owners is actually resident outside his/her home country.