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 3rd 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.
Printed
copies are available for $83.00
An
E-book edition is available for just $43.00
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 $83 worth of toner and
paper and you won't know if you can rely on the information.
Vern
Jacobs is a CPA who has been 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 is the
Chairman of a Task Force of the International Tax Technical Resource
Panel of the American Institute of CPAs that is working 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 numberous 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 $43.00 or a printed copy of Offshore Tax Strategies for
$83.00. That includes shipping by priority mail via the US Postal
Service. (The e-book is recommended for international orders.)
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 Offshore Tax Strategies
that will be delivered immediately, click
here.
For a printed copy of Offshore Tax Strategies that is
delivered in a 3 ring binder, click
here.
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