The
Internet
is full of non-sense and outright lies about
how U.S. citizens
and residents can avoid taxes with foreign
corporations. Prior to 1962,
it was legal to use a foreign corporation to
defer U.S. taxes on any
kind of income. In that year the law was
changed to impose an income
tax on the U.S. owners of foreign
corporations (and IBCs) if the
corporation had certain types of income that
could be easily diverted
to a low or zero tax country.
For many decades, the IRS was unable to
discover secret foreign
corporations. Most U.S. citizens who
ventured offshore were able to
evade taxes with substantial safety.
No longer.
Times have changed and the IRS has
discovered how to locate seemingly
"secret" foreign accounts. They are going
after people with unreported
income in foreign banks, foreign trusts,
foreign corporations and
foreign mutual funds.
Even so, more and more U.S. citizens are
moving assets offshore because
of
- the
run-away litigation epidemic in the U.S.
- investment
opportunities not available in the U.S.
- employment
opportunities abroad
- international
family relationships
- lower
cost retirement havens outside the U.S.
- business
opportunities outside the U.S.
Due
to
certain rules of the U.S. Securities &
Exchange and the 50 state
security departments, U.S. persons often
have to form a foreign
corporation in order to purchase foreign
investments. A foreign
corporation or LLC is essential to operate
a business in another
country.
But
that
results in having to deal with confusing
and ambiguous U.S. tax rules
that were originally intended for large
corporations with highly paid
tax lawyers and accountants.
The 4th
Edition of the Controlled Foreign
Corporation Tax Guide by Vernon
Jacobs and Richard Duke is a plain English
primer on the U.S. tax rules
for foreign corporations, foreign limited
liability companies and some
other foreign entities.
It
is
written with a minimum of tax jargon. An
extensive plain English
glossary is included with the book.
The
Controlled Foreign Corporation Tax
Guide is
not a
technical reference manual for those who
are already experts in the
subject. It is written for the layman, for
the non-lawyer and
non-accountant and for their various
domestic advisors who are not
familiar with the often convoluted tax
rules for international
transactions. It is a tax
planning guide rather than a tax
preparation manual.
The
Controlled Foreign Corporation Tax
Guide is a
summary description of all the basic tax
rules that apply to U.S.
owners of foreign corporations. It is
comprehensive without being
over-whelming.
The
same
information is available from the authors
for a few hundred dollars
through personal consultations. This
report is a huge bargain
compared to hiring either of the authors
or any other tax professional
that works in the international tax
specialty.
An
E-book edition is available for just
$35.00
For
about
$100 you can buy a 600 page book about the
tax rules for doing
business abroad but it is written for CPAs
and assumes that the reader
has an extensive background in tax law.
For a few hundred dollars
you can buy an international tax guide for
tax lawyers. Or, if
you have nothing else to do with your
time, you could locate a lot of
useful international tax information on
the Internet. By the
time you are through, you could easily use
up $35 worth of toner and
paper and you won't know if you can rely
on the information.
Vern
Jacobs,
CPA was a consumer tax author and editor
since
1975. He has written over ten books
on taxes, has edited
numerous tax periodicals and has been a
speaker at dozens of investment
and financial conferences for the general
public. He was the
Chairman of a Task Force of the
International Tax Technical Resource
Panel of the American Institute of CPAs
that worked on a tax
preparation guide for members of the tax
division of the AICPA.
Richard
Duke
has a masters of law degree in
international taxation and is an
adjunct professor of international tax
law. He is widely sought
after as a speaker at professional
conferences on international
subjects and has written extensively on a
wide range of international
tax matters. He has numerous clients that
own foreign corporations.
By
working
together they have produced an
understandable guide to
the international taxation of foreign
corporations that is also based
on a solid understanding of the
international sections of the tax law.
You
can
buy an e-book edition for just $35.00.
The
greatest
value of this unique guide is that it is a
summary of the essential concepts of
foreign corporations written for
investors, for entrepreneurs and for their
local advisors.
You
are
the C.E.O. and this is your executive
summary of the tax rules for
forming a foreign corporation (or LLC) and
avoiding unnecessary
disputes with the IRS.
Vernon K. Jacobs, CPA
&
J. Richard Duke, JD, LL.M.
P.S.
--
We
offer a prompt
100% refund if you feel we have
misrepresented the contents of this tax
guide in any way. You are the judge and we
will take your word for it.
How to Order:
For an e-book
edition of The
Controlled Foreign Corporation Tax Guide
that will be delivered immediately, click
here.
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