wait wait wait, do foreign company retained earnings need to be declared in the personal tax filing?

a40ba385f84d46b9582baa9188 Nov 2021

replies: 2
views: 152

a40ba385f84d46b9582baa918New MemberAuthor

Joined: Sep 2021
Messages: 9

8 Nov 2021#1

something is not very clear to me
let's say i have a foreign LLC company, and i make some profit there, and i never pay a single dividend, do i still need to declare it in my personal tax filings?
or i can just defer taxation indefintely?
(i'm a EU citizen, not US)

SolsOffshoreCorpTalk moderator

Joined: May 2019
Messages: 6,542

8 Nov 2021#2

It depends on local law where you are based and how LLCs (specifically LLCs from wherever yours is incorporated) are treated there.

If you're US resident, the earnings of an LLC are generally always taxable personal income. Sometimes that principle is applied in other jurisdictions, sometimes it's not.

startfleetioActive Member

Joined: Sep 2021
Messages: 228

9 Nov 2021#3

Please read the guide in my signature. That would help you

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wait wait wait, do foreign company retained earnings need to be declared in the personal tax filing?

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