USA is not doing CRS reporting, so they won't report you anywhere.
US said they can't do CRS reporting because they pay so many spies around the world, and they are afraid they can't do their shady world police stuff anymore.
IMO, the story of the corporate veil is more often a myth and a fairy tale retold in a wrong way. As far as I know, there has not been a single case, where the veil was pierced by spending personal money for business expenses. It is mainly the other way round: When you use business property as if it was yours, there is a risk that all your property is considered to be business property. When you use personal money for business, I see more risk of reverse piercing, which is normally not allowed in the US.This may not be a good idea as it could lead to piercing of the corporate veil, meaning you may lose the limited liability that the LLC would otherwise offer:
Piercing the corporate veil - Wikipedia
en.wikipedia.org
How does Thailand treat US LLC?
Would there be any risk to using a US LLC card to pay for say eating out and grocery shopping or taking out cash at an ATM if it's a disregarded entity? I understand that I will have to report transactions on a form yearly to the IRS. Not sure how much detail that will need to contain.When you use business property as if it was yours, there is a risk that all your property is considered to be business property.
Would there be any risk to using a US LLC card to pay for say eating out and grocery shopping or taking out cash at an ATM if it's a disregarded entity?
Yes. You will have to report those transactions on form 5472.
I think any risk. Tax, penalties, law suit, missing cash back, anything.What kind of risk are you referring to?
Any risk of complaints from the IRS, mainly will it cause problems down the line? In Singapore it's perfectly fine to have personal expenses on the company card, or so I've been told and haven't had issues so far (you declare them as personal expense and they are not tax deductible, IRAS has an example of a director paying for his family vacation with company money on their website and it's all good).What kind of risk are you referring to?
Not familiar with what piercing the veil entails, I am mostly concerned about compliance/fines or something like that. Law suit isn't the case as I know the people I work with and they are outside the US so no suing people because they are bored.Yes. You will have to report those transactions on form 5472.
And in this case you actually do run the risk of piercing the veil.
In this case, you just need to properly declare n form 5472.Any risk of complaints from the IRS, mainly will it cause problems down the line? In Singapore it's perfectly fine to have personal expenses on the company card, or so I've been told and haven't had issues so far (you declare them as personal expense and they are not tax deductible, IRAS has an example of a director paying for his family vacation with company money on their website and it's all good).
Not familiar with what piercing the veil entails, I am mostly concerned about compliance/fines or something like that. Law suit isn't the case as I know the people I work with and they are outside the US so no suing people because they are bored.