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I.R.S. Reporting Forms for U.S. Taxpayers with Offshore Trusts / Companies / Assets / Financial Accounts   
Implementing "Bullet Proof" Asset Protection for a U.S. tax payer requires forming an Bahamas International Asset Protection (Legacy) Trust and may also include adding an International Corporation / IBC / LLC.

The I.R.S. has developed complicated reporting of these offshore structures as well as offshore accounts and assets so we have tried to clarify and simplify the requirements here . The law provides for penalties for non-reporting and/or non-payment of the due tax on your offshore income or offshore income attributable to you directly or indirectly, so we recommend that you fully comply.
The Assault on Financial Privacy  
Kevin Brekke an editor at Casey Research, wrote an article in Mountain Vision entitled "The Assault on Financial Privacy goes on". At the end of the article, he summarizes as follows:

"Whatever the IRS has in store for US taxpayers, the only way to fight back is to keep what you have. And to do that means complying with reporting requirements no matter how offensive, intrusive, maddening, or unjust they are. Penalties are now defined by the IRS as a revenue raising measure. The new mindset is clear: If we can´t tax them, we will penalize them.

Unfortunately, a new era for individual privacy is upon us. We must sacrifice our financial privacy for our financial security. We will accomplish this by staying compliant with reporting requirements and safeguarding our wealth from confiscation via seizure and penalties.

We will prevail by keeping our wealth outside the US and invested in assets that will protect and grow our wealth. That is the mission of today´s international investor."


We at Incorporate123.co agree with this. You should stay compliant. It does not make any sense to create these offshore structures and fail to comply, subjecting yourself to substantial penalties. Do not get overwhelmed, stay focused on the goal:

Move a portion of your wealth outside of the United States or out of your home country so that you never risk having one government freeze or confiscate all your assets.... Governments all around the world can freeze and confiscate your assets without notice!
Offshore Trust - I.R.S. Compliance Simplified   
The Jurisdiction of the Commonwealth of the Bahamas imposes No income, capital, gift or estate taxes on the Trust Fund and if you are NOT a U.S. Person and are tax resident in a jurisdiction with a sensible tax policy you may be able to take advantage of this - Please discuss this with your tax advisor.

For U.S. Persons, our Trust Package is designed to be TAX NEUTRAL under the "Grantor Trust" rules (U.S. Code 671) and the Settlor will be treated as the "tax owner" of any property transferred to the Trust. As a consequence the existence of the Trust is disregarded for U.S income tax purposes. The income (if any) from the Trust Fund will pass through the Trust to the U.S. Settlor and will end up on your form 1040. Any transfers (from the Settlor) to the Trust or any distributions from the Trust (to the Settlor) will have ZERO tax consequences.

For U.S. Person Settlors, the Trustee will prepare I.R.S. Form 3520a (annual information return of foreign trust detail) that will include any applicable K-1 forms showing any income attributed to or distributions made to U.S. persons, making compliance for U.S. Persons uncomplicated.

The only Offshore “Trust Related” form that you will need to work with an accountant or C.P.A. to file is form 3520 (detail) - Transactions with Foreign Trusts. This form lists any transfers you made to or any distributions you received from the Trust Fund during the year. It is filed for the year you establish the Trust and then annually. The return is an "informational return" and no tax is paid with the return.

In addition to the Offshore Trust reporting there are also reporting requirements for Foreign Financial Assets and Foreign Financial Accounts so you will probably need to also file the following forms, but please don't take our word for it, instead, please take advice from your accountant or C.P.A. (or ask us for a referral):
  • Form 8938 (detail) - Statement of Specified Foreign Financial Assets
  • Form FBAR/FinCEN Form 114 (detail) - Foreign Financial Accounts (online filing)
PLEASE REMEMBER: We will prevail by keeping our wealth outside the US and invested in assets that will protect and grow our wealth. That is the mission of today´s international investor."

Although our Bahamas International Asset Protection (Dynasty) Trust structure is extremely private,  if you are a U.S. PERSON, IT IS NOT POSSIBLE TO REMAIN PRIVATE FROM THE I.R.S.

PLEASE NOTE: Just because the assets are disclosed to the I.R.S. does not mean that the I.R.S. can seize the assets! Once outside the USA, the I.R.S. becomes a creditor, just like any other creditor and must go through a VERY COMPLEX LEGAL PROCEDURE before it can hope to collect on any of these assets and will have no more success than the average (disappointed) creditor.

PLEASE ALSO NOTE: After the Death of a U.S. Settlor the Trust will become a TRUE FOREIGN TRUST for tax purposes and the Trust Fund may grow TAX FREE for generations to come with NO U.S. TAX DUE AND NO U.S. REPORTING REQUIREMENTS except simply to report any distributions made to any U.S. beneficiaries.

Offshore tax reporting has gotten complicated, but with the right help, it is really no more complicated than preparing a tax return for a U.S. corporation! The problem is that there are many corporate service providers, both offshore and onshore, that "hard sell" offshore entities to a client without any disclosure whatsoever of these reporting requirements.

We feel that the marketing of offshore entities to U.S. Persons without full disclosures of their tax reporting requirements is grossly unethical. We have listed these I.R.S. Reporting Requirements on this website and even included very detailed explanations of each of the I.R.S. Offshore Reporting FORMS related to these offshore entities that can be provided to your accountant or CPA and once you become a client we will provide you with reminder notices in advance of the filing deadlines of the various forms. Accountants are becoming more and more familiar with these I.R.S. Offshore Reporting FORMS but if you would like a referral to an accountant that specializes in this area, please contact us.

REMEMBER: We will prevail by keeping our wealth outside the US and invested in assets that will protect and grow our wealth. That is the mission of today´s international investor."

Offshore Corporation / IBC / LLC - "Pass-through" filing - I.R.S. Compliance Simplified  

Electing to have the income of your International Corporation/IBC or LLC flow through the company directly to the shareholder/members so that the income is reported on your 1040, with greatly simplify your offshore tax reporting.

This process and our service includes obtaining an I.R.S. Tax I.D (EIN). for the Company as well as electing "Foreign Disregarded Entity (FDE) Status", for one member/shareholder companies, or "Foreign Partnership Status" for multi-member companies.

Initial I.R.S. filings include:

  • Initial filing of form SS-4 to obtain an EIN for the company
  • Initial filing of form 8832 to elect FDE or Foreign Partnership status
Once the International Entity obtains "pass-through" status, compliance becomes a reasonably simple matter and the complicated "Controlled Foreign Corporation (CFC)" filing (IRS Form 5471) is eliminated.

You will need to work with your Accountant or C.P.A. to file Form 8858 (detail) (single member FDE status)  along with your 1040, and for the Foreign Partnership status, we recommend pro-actively filing a regular U.S. partnership form (1065) along with the required Form 8865 (detail) to fulfill the "offshore" filing requirement.

In addition to reporting the income of your International Corporation / IBC / LLC there are also reporting requirements for Foreign Financial Assets and Foreign Financial Accounts so you will probably also need to file the following forms, but please don't take our word for it, instead, please take advice from your accountant or C.P.A. (or ask us for a referral):

  • Form 8938 (detail) - Statement of Specified Foreign Financial Assets
  • Form FBAR/FinCEN Form 114 (detail) - Foreign Financial Accounts (online filing)
Also, once you become a client we will provide you with reminder notices in advance of the filing deadlines of the various forms.
PLEASE NOTE: Just because the assets are disclosed to the I.R.S. does not mean that the I.R.S. can seize the assets! Once outside the U.S.A., the I.R.S. becomes a creditor, just like any other creditor and must go through a VERY COMPLEX LEGAL PROCEDURE before it can hope to collect on any of these assets and will have no more success than the average (disappointed) creditor.

Offshore tax reporting has gotten complicated, but with the right help, it is really no more complicated than preparing a tax return for a U.S. corporation! The problem is that there are many corporate service providers, both offshore and onshore, that "hard sell" offshore entities to a client without any disclosure whatsoever of these reporting requirements.

We feel that the marketing of offshore entities to U.S. Persons without full disclosures of their tax reporting requirements is grossly unethical. We have listed these I.R.S. Reporting Requirements on this website and even included very detailed explanations of each of the I.R.S. Offshore Reporting FORMS related to these offshore entities that can be provided to your accountant or CPA and once you become a client we will provide you with reminder notices in advance of the filing deadlines of the various forms. Accountants are becoming more and more familiar with these I.R.S. Offshore Reporting FORMS but if you would like a referral to an accountant that specializes in this area, please contact us.

REMEMBER: We will prevail by keeping our wealth outside the US and invested in assets that will protect and grow our wealth. That is the mission of today´s international investor."

Offshore Corporation / IBC / LLC - CFC (form 5471) filing - I.R.S. Compliance Simplified  
If your International Corporation chooses not to elect "flow-thru taxation", or is otherwise ineligible, such as a Panama Corporation, then the U.S. Shareholders of this Corporation (a "Controlled Foreign Corporation" ) will each need to file form 5471 (detail) (Annual Information Return of Foreign Controlled Corporation) annually along with their form 1040.

In addition to reporting the income of your International Corporation / IBC / LLC there are also reporting requirements for Foreign Financial Assets, Foreign Financial Accounts and transfers of property to foreign corporations so you will probably need to file all of the following forms, but please don't take our word for it, instead, please take advice from your accountant or C.P.A. (or ask us for a referral):
  • Form 926 (detail) - Transfer of Property to a Foreign Corporation
  • Form 5471 (detail) - Annual Info Return of Foreign Controlled Corporation
  • Form 8938 (detail) - Statement of Specified Foreign Financial Assets
  • Form FBAR/FinCEN Form 114 (detail) - Foreign Financial Accounts (online filing)
PLEASE NOTE: Just because the assets are disclosed to the I.R.S. does not mean that the I.R.S. can seize the assets! Once outside the U.S.A., the I.R.S. becomes a creditor, just like any other creditor and must go through a VERY COMPLEX LEGAL PROCEDURE before it can hope to collect on any of these assets and will have no more success than the average (disappointed) creditor.
 

Offshore tax reporting has gotten complicated, but with the right help, it is really no more complicated than preparing a tax return for a U.S. corporation! The problem is that there are many corporate service providers, both offshore and onshore, that "hard sell" offshore entities to a client without any disclosure whatsoever of these reporting requirements.

We feel that the marketing of offshore entities to U.S. Persons without full disclosures of their tax reporting requirements is grossly unethical. We have listed these I.R.S. Reporting Requirements on this website and even included very detailed explanations of each of the I.R.S. Offshore Reporting FORMS related to these offshore entities that can be provided to your accountant or CPA and once you become a client we will provide you with reminder notices in advance of the filing deadlines of the various forms. Accountants are becoming more and more familiar with these I.R.S. Offshore Reporting FORMS but if you would like a referral to an accountant that specializes in this area, please contact us.

REMEMBER: We will prevail by keeping our wealth outside the US and invested in assets that will protect and grow our wealth. That is the mission of today´s international investor."

 

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