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[quote=”waggoner41″][quote=”DavidCMurray”](But I wonder what the risks/penalties might be.)[/quote]
Deportation and jail time?:lol: Kind of expensive for no taxes due.
All the IRS is interested in is that you owe.[/quote]Second thought Scott, you scare the hell out of me. The IRS would come after “their $10,000” whether justified or not.
There is a pretty good book out there that explains your obligtions in regard to this matter. I purchased it and it has been helpful. “Controlled Foreign Corporation Tax Guide”by J. Richard Duke and Vernon Jacobs. I spoke to Vernon Jacobs in regards to my 2 Costa Rican LLC’s and 1 SA. I couldn’t find anyone in my area who had any knowledge of how to fill the forms out properly. I spoke to at least 25 CPA’s and 2 Tax attorneys. Mr. Jacobs recommended a very knowledgable CPA in New York that helped me. The word he gave me was I had to file, even for dormant foreign corps. Also I had to file for an amended return for 2008 as I did not receive accurate advice from my CPA. The instuctions for the form are very confusing and if you can figure out how to fill them out correctly, I would like to be your friend. The people at the IRS are just as confused as we are about this form. Hope this helps. Good luck
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