Recent content by Topcat

All very interesting. Thank you for taking the time on that. It is looking like my online business which has no relation to Thailand at all other than my (potential) residence there for over 180 days a year, can continue to fly under the radar and be overlooked like in the past. And then when...

So are you saying that elite visa holders who are staying in Thailand 180+ days of the year are running offshore businesses that have no link to Thailand (no local customers nor suppliers) - no link to Thailand other than the company owner living in Thailand and operating the business from his...

I'm considering heading back to Thailand on an education visa and then the year after, ongoing, marriage visa. Neither of these visas give permission to work, but I would be tax resident (staying 180+ days a year). I run a US LLC that sells non-tangible goods online, and I also earn from crypto...

Hi, I'm tracking my US LLC's business activity using Wave accounting. If the IRS were to request my books/accounting records for a given tax year, how would I export that data from Wave in a way that would satisfy the IRS? There's all kinds of different reports that can be generated in Wave, but...

Hi Sols, how do I have the assets properly transferred to me personally from the Seychelles IBC? And then how do I properly transfer them to the US LLC? I don't know what the process is. It would be far easier to just have the US LLC buy the Seychelles IBC's assets for $1, send an invoice from...

Thanks. I ended up hiring a US-based tax attorney to handle it. Just for peace of mind. And he has recommended to use the UK as my tax residence on the form. That makes sense I suppose. If the IRS tell HMRC that I declared myself tax resident in the UK, I'll then fail the UK's tax residency...

I paid a US-based CPA to answer this one. I'll paste the relevant part of his answer here: "Now from a pure compliance perspective, if you are earning revenue from your US LLC that is not going to be taxed in the US (i.e., no effectively connected income or US trade or business), then for...

Feel free to DM me the answer if you're not comfortable posting it here. I also started a new thread on this subject, but yet to get a clear answer: Foreign-owned US LLC filing tax forms with the IRS

I used my parents UK address to open bank accounts. So as far as the banks are concerned, I'm UK based. The thing about the UK is, tax residence is decided using a clear cut days test. You're either in the UK enough days to be tax resident there, or you're not. I'm never there enough days each...

Hey, did you find out the answer to this in the end? I'm in the same situation as you. No official residency anywhere and no tax return to file anywhere. Therefore what to write in those fields you mentioned of form 5472...I've no idea. If you've found out the answer please let me know, it would...

The resource you linked above says there's no need for that on form 1120. Nice resource though, thanks. It doesn't answer my confusion about things from the form such as "Principal country(ies) where business is conducted", when I don't have an official residence anywhere. "Country(ies) under...

I'm aware that a foreign-owned US LLC has to file forms 1120 and 5472 by April 15th every year to avoid a $25k fine. Filling out form 1120 was very straightforward. Just requires entering the company name and address in the section at the top, the EIN number in section B at the top and also...

But in the event of an audit, wouldn't those questions be answered just by sending the IRS exported sales data from the payment processors?

Conflicting answers. Some say include all data from 3rd party payment gateways like Stripe, Paypal etc in the accounting data, and some say it's fine to just include the income in the data as lump sum withdrawals from the payment gateways. Hmm

Interesting. I mean all the data from sales sits there in Stripe and paypal. So what you're saying is, export that data each month from stripe and paypal as a spreadsheet and store it. Then if the IRS ever want to see data from individual sales, I can send them these monthly sales spreadsheets...