Asset Protection Blog – Asset Management – Asset Allocation

July 1, 2009

ACDSee Photo Manager 2009

Filed under: asset management — Tags: , , , — ShawnInOhio @ 11:21 PM
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ACDSee Photo Manager 2009

Product Description
Keep your digital images organized with ACDSee Photo Manager 2009. Browse your collection, find photos quickly and share them through e-mail, prints and online albums. Fix red-eye, lighting and more with powerful correction tools. ACDSee 2009 is the best solution for managing your growing photo collection.

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June 28, 2009

Tax Reporting Requirements For Offshore Asset Protection

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Many callers and clients express interest in offshore asset protection planning. I have prepared some offshore trusts and many offshore limited liability companies over time. Any type of offshore asset protection is complicated, in part, because of IRS reporting requirements applicable to foreign entities. I suspect there are many people with offshore asset protection entities who don't understand or comply with tax reporting rules. For example, a single member domestic limited liability company is by default a disregarded entity for tax purposes. This means the LLC on the entity level reports nothing to the IRS and is not required to get a separate tax number. The member treats the domestic LLC as a sole proprietorship for tax purposes. A single member foreign LLC established by a U.S. resident must file an election form 8832 to claim disregarded entity status. If it does not file this form timely the LLC may be treated as a C corporation and subject to corporate taxation. In addition, the offshore LLC once electing disregarded status must file information form 8858. Offshore entities taxed as partnership or corporation have different filing requirements. Most people who create offshore entities cause the entity to maintain a bank account outside the U.S. These people are required to notify the IRS about offshore financial accounts withover $10,000 (aggregated)

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