US single member foreign owned LLC, can you accumulate the profit in the company account?
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I mean if you own a single member US LLC and live in the UAE and have not set up substance anywhere else.
I came across this article, and thought it might be helpful to others.
https://smartasset.com/taxes/llc-pass-through-tax
This is the case no matter how you distribute the LLC’s money at the end︀ of each year. This means that even if you leave the company’s money in its︁ own bank accounts, the individual members have to report those profits on their personal income︂ taxes.
https://smartasset.com/taxes/llc-pass-through-tax
This is the case no matter how you distribute the LLC’s money at the end︀ of each year. This means that even if you leave the company’s money in its︁ own bank accounts, the individual members have to report those profits on their personal income︂ taxes.
Read up more about CRS - What is the CRS? The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries/jurisdictions, to help fight against tax evasion and protect the integrity of tax systems.
CRS is not the matter. USA is not part of it. They have FATCA. But that's not important.
They ultimately don't care if you pay or not taxes somewhere else. But you can be sure they will care you pay your US taxes, if due.
But they can and will answer to request of information from foreign countries, and they will share what they have when it'll happen.
"The United States does not tolerate offshore tax evasion, nor does it sanction tax evasion committed through U.S. financial institutions".
I know it sounds as a joke by just looking at the state of things there... but︀ that's how they answer foreign john doe summons...
Now they have the beneficial owner registry,︁ so they have the data and it'll be stored for years.
So your home country︂ could ask about it even 3-5 years from now(or even more depending on country), during︃ another investigation not relevant to you, and they'll potentially share it all.
https://www.fincen.gov/boi
Norway, Netherlands, and Finland already exploited the bilateral treaties︁ to do john doe summons in past based on US issued credit/debit card used by︂ its citizens.
In future with this new BOI framework it will be easier and more︃ streamlined I think, and it'll be used against foreign owned entities.
The USA considers safe︄ exchanging info with these countries:
Australia, Azerbaijan, Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Denmark,︅ Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Israel,︆ Italy, Jamaica, Jersey, Korea, Republic of, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Netherlands, New︇ Zealand, Norway, Panama, Poland, Portugal, Saint Lucia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, United︈ Kingdom.
But as you read in the quotes above, they will share the data even︉ if there's no treaty, agreement or convention if the requesting foreign country is deemed trusted.︊
So don't rely on Dementia Joe... US entities are not safe anymore if you're still︋ living in high tax countries and managing them from your bedroom...
DYOR IANAL YMMV etc.
They ultimately don't care if you pay or not taxes somewhere else. But you can be sure they will care you pay your US taxes, if due.
But they can and will answer to request of information from foreign countries, and they will share what they have when it'll happen.
"The United States does not tolerate offshore tax evasion, nor does it sanction tax evasion committed through U.S. financial institutions".
I know it sounds as a joke by just looking at the state of things there... but︀ that's how they answer foreign john doe summons...
Now they have the beneficial owner registry,︁ so they have the data and it'll be stored for years.
So your home country︂ could ask about it even 3-5 years from now(or even more depending on country), during︃ another investigation not relevant to you, and they'll potentially share it all.
https://www.fincen.gov/boi
Norway, Netherlands, and Finland already exploited the bilateral treaties︁ to do john doe summons in past based on US issued credit/debit card used by︂ its citizens.
In future with this new BOI framework it will be easier and more︃ streamlined I think, and it'll be used against foreign owned entities.
The USA considers safe︄ exchanging info with these countries:
Australia, Azerbaijan, Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Denmark,︅ Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Israel,︆ Italy, Jamaica, Jersey, Korea, Republic of, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Netherlands, New︇ Zealand, Norway, Panama, Poland, Portugal, Saint Lucia, Slovak Republic, Slovenia, South Africa, Spain, Sweden, United︈ Kingdom.
But as you read in the quotes above, they will share the data even︉ if there's no treaty, agreement or convention if the requesting foreign country is deemed trusted.︊
So don't rely on Dementia Joe... US entities are not safe anymore if you're still︋ living in high tax countries and managing them from your bedroom...
DYOR IANAL YMMV etc.
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