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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 requires forming an Bahamas International Asset Protection (Legacy) Trust and may also include adding an International Business Company (IBC). The I.R.S. has developed complicated reporting of these offshore structures as well as offshore accounts and assets. 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.
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 your Wealth outside of the United States and in doing so enjoy a freedom that you perhaps do not yet fully understand!!
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 and will be treated as a “Foreign Grantor Trust” by the I.R.S. and just like any U.S. Trust, it will need to file form 1041. 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. Although our Bahamas International Asset Protection (Legacy) Trust structure is extremely private,  if you are a U.S. PERSON, IT IS NOT POSSIBLE TO REMAIN PRIVATE FROM THE I.R.S.

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 really not that complicated.

The necessary “offshore” I.R.S. forms that the Settlor needs to take care of are both “Trust Related” and “Asset Related”. 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.

The “Asset Related” forms are based on the value of the assets, your residency, and how you file your taxes. These are "disclosure forms" with no tax due. There are however penalties for not filing timely. The first form is:
  • Form 8938 (detail) - Statement of Specified Foreign Financial Assets
and is required to be added to your personal form 1040 if you meet a certain thresholds; If you are single, live in the U.S, and have offshore assets (including the Trust Fund) in excess of $50,000 at the end of the year or assets totaled $75,000 or more at any time during the year, then you are required to file the form. If you are married (filing jointly) the limit is raised to $100,000 / $150,000 and if you are a U.S. Person living outside the U.S the limits are raised even further to $200,000 / $400,000. You may or may not need your accountant's help with this form. If you DO NOT EXCEED THE THRESHOLDS, YOU DO NOT HAVE TO FILE THE FORM.

The final form is:
  • Form FinCEN Form 114 (detail) - Foreign Financial Accounts
This form is about your ownership of Bank and Brokerage account etc. If you had a financial interest in at least one financial account located outside of the United States (including the Trust Bank Account); and the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year, then ALL financial accounts need to be reported on this form (not just the ones in excess of $10,000). Although most clients consider this the most invasive of the forms, the form will not take long to complete as it is actually filed online. You will probably not need your accountant's help with this form.

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."

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 "Disregarded Entity" Filing - I.R.S. Compliance Simplified  

The I.R.S. has developed complicated reporting of these offshore structures as well as offshore accounts and assets. 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.

A "Foreign Disregarded Entity" filing simplifies things immensly though. This service includes obtaining an I.R.S. Tax I.D (EIN). for the St. Lucia (offshore) IBC as well as electing "Foreign Disregarded Entity (FDE)" Status, so it is ideal if there is only one member./shereholder. A married couple also qualifies as a "single member" per IRS Rev. Proc. 2002-69, 2002-2 CB831 if 100% of the membership interests are owned by husband and wife as community property in a community property state

Initial I.R.S. filings include:

  • Initial filing of form SS-4 to obtain EIN
  • Initial filing of form 8832 to elect FDE status
Once the IBC obtains FDE status, compliance becomes a reasonably simple matter of working with your Accountant or C.P.A. to complete form 8858 and file this along with your 1040 (as a schedule) each year. 

It is however assumed that since you are forming an offshore company, you will also  be managing offshore assets such as Offshore Bank and Brokerage accounts, Gold Storage etc within the company. In this case, there will be additional reporting requirements including forms FBAR/FinCEN Form 114 (Foreign Financial Accounts) and Form 8938 (Statement of Specified Foreign Financial Assets).

In order to stay fully compliant with current I.R.S. requirements you will need to work with your accountant or C.P.A. to file the following forms, along with your 1040 on an annual basis:

  • Annual filing of form 8858 (detail) - Information return with respect to FDE
  • Annual filing of form 8938 (detail) - Statement of Specified Foreign Financial Assets
  • Annual filing of form FBAR/FinCEN Form 114 (detail) - Foreign Financial Accounts
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.

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."

Controlled Foreign Corporation - I.R.S. Compliance Simplified  
The I.R.S. has developed complicated reporting for Foreign Controlled Corporations and offshore accounts and assets. 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.

In order to stay  compliant with current I.R.S. requirements you will need to work with your accountant or C.P.A. to file the following forms, along with your 1040 on an annual basis:
  • Annual filing of form 926 (detail) - Transfer of Property to a Foreign Corporation
  • Annual filing of form 5471 (detail) - Annual Info Return of Foreign Controlled Corporation
  • Annual filing of form 8938 (detail) - Statement of Specified Foreign Financial Assets
  • Annual filing of form FBAR/FinCEN Form 114 (detail) - Foreign Financial Accounts
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.
 

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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