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Originally Posted by Toolz
LOL yeah I'm not sure where everyone got this idea that you didn't have to pay taxes if you just created offshore corps everything would be fine and dandy, yeah, that works great if you MOVE offshore and don't plan on coming back.
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That's correct...but if a sponsor is from out of the US and is paying you through an offshore bank, you are basically running a cash business, right?
So, like any other cash business, you need to report that cash you receive
Kind of like tips if you are a waiter
Or the guy down the street from me that I buy motorcycle parts from. For some reason, if I pay him cash, the price is cheaper and I get no receipt
But I know he must be reporting that income
