I talked to a tax lawyer about this. Rectifying it now will come with huge fines for non compliance on the IRS side (20k plus). Chances are low that the IRS will come after you if you do nothing. Especially if the LLC did not move much money. So in essence, just wait and likely you will not have...
Can a country that participates in CRS send a specific request to obtain information on someone that is resident in their country BUT has a foreign passport ( also CRS country) AND reported his passport country as residence to banks?
Do you know if these countries allow me to pay personal income tax despite not being based there? Also, are there any withholdings if I am billed from the U.S. for the payee or for me?
Hard to give a blanket statement without knowing your jurisdiction, but if these banks are in countries compliant with CRS (most countries are) they are required to know your tax residency and report your information to that jurisdiction.
@Osh18 yes, that’s the problems I fear I will have with most jurisdictions, except the U.S. which generously allows you to pay takes even though you aren’t a resident or citizen.
I am curious about the same thing. I have so far ignored the request as I fear they will have stronger compliance as a bank but this is purely speculative on my side.
My tax residency exempts me from paying tax on international income as long as I have payed 16 % or more on said income elsewhere.
So far I have been using the U.S. for my international consulting work but the 30% tax rate is brutal. Any ideas about a jurisdiction where a non-resident, non...
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