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About John Stancil, CPA
Expertise
I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience
I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > OFFSHORE CORPS
Expert: John Stancil, CPA
Date: 9/5/2008
Subject: OFFSHORE CORPS
Question
IF A US CITIZEN FORMS AN OFFSHORE CORP OR A CORP IN ANOTHER COUNTRY IS THE MONEY MADE OUTSIDE THE US TAXABLE?
Answer
Freddy,
Thanks for your question.
If the corporation is chartered and located outside the U. S. and does no U. S. business, the income is not subject to U. S. taxation. If any of these are not true of the corporation, it will owe tax.
As a U.S. citizen, however, you are subject to taxation on any salary or dividends that you receive from the corporation as U. S. citizens are subject to taxation on their world wide income.
Hope this helps.
John Stancil, CPA
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