Thank you for pointing out DAFT, that is pretty interesting. One question about starting a foreign corporation, Do the penalties and fees of the IRS regulations relating to US citizens owning a foreign corp. concern or worry you?
For example, a $10,000 a month penalty for failing to report ownership interest in a foreign corporation. (Form 5471)
This is the one thing that really stops me from considering owning a foreign corp.
Comments
Thank you for pointing out DAFT, that is pretty interesting. One question about starting a foreign corporation, Do the penalties and fees of the IRS regulations relating to US citizens owning a foreign corp. concern or worry you? For example, a $10,000 a month penalty for failing to report ownership interest in a foreign corporation. (Form 5471) This is the one thing that really stops me from considering owning a foreign corp.
I'm not a tax expert nor purport to be one, but I have a good US CPA and Dutch tax person and leave it in their hands.