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I have heard about being paid by a non-US corp for 2 years but never
witness it. After some reading I tend to agree it's bogus. I also agree
with what you wrote below.
Robert
At 04:07 PM 6/17/1999 -0700, Jim Allen wrote:
>I have never heard of that one, about being paid by a non-US corp for 2
years, but
>it flies in the face of what I have been told over and over, that a US
citizen
>pays taxes on income "from whatever source derived", anywhere in the
world. I
>have never seen or heard of a legitimate tax saving plan that lawfully
reduces or
>avoids tax otherwise due from a US person.
>
>Most if not all of the tax deduction schemes I have seen aimed at US
citizens are
>really tax avoidance schemes, where the goal is to keep IRS from
discovering the
>income is to a US person, and/or that person is you. If you get away with
it, you
>save a lot of taxes. If you don't, you will save a lot of rent, food,
clothing
>and entertainment expenses while you serve your time. Either way, you
save!!!
>
>When you, a US person, deal with the foreign financial types, bankers,
lawyers,
>etc., who set up these things, I have found that the substantial, credible,
>responsible ones want no part of a US tax scam violation. So, if you find
someone
>to go along with your "scheme", it is very likely because you are the one
being
>scammed, or at least you may be about to cast your fate (and money) with some
>unusually unreliable and disreputable people.
>
>You do get credit for taxes paid to a foreign tax authority, up to the
amount of
>the tax, so if you pay taxes in, say, Switzerland, of US$100,000 on your
income,
>and your US tax is US$95,000, you owe nothing!!! OTOH, if you pay
US$35,000 to
>Switzerland and owe a total of US$95,000, you get credit for US$35,000,
leaving
>you owing US$60,000.
>
>So if you work for a Monagast entity you pay no tax to them (Monaco), and
the US
>takes it all.
>
>Or so I understand. I am the 17th reason to use H & R Block, BTW.
>
>Jim Allen
>
>Robert Cummings wrote:
>
>> See told you I didn't know. What about leaving the US for two years but
>> keeping your citizenship. There is special consideration on your income
>> like no tax from US if paid by a foreign Corp during a leave of absence of
>> not less than 2 years. You might be correct about 25% ownership but isn't
>> that the incentive for establishing an Offshore Corp to take advantage of
>> the tax or lack off from the US.
>>
>> Robert
>> >> SNIP <<
>
>
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