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Question about offshore income?

Question about offshore income? Topic: Business law homework helps
July 18, 2019 / By Nolan
Question: I have a class and a question I have for homework is whether or not, a U.S citizen who made over $100 million in business outside of the U.S is in tax fraud for failing to pay taxes on it for 4 years. What are the laws behind offshore income, and where can I get info that can help me answer this?
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Best Answers: Question about offshore income?

Kristopher Kristopher | 7 days ago
US Citizens are required to report taxes on their world wide income. Much tax on income from outside the US will be offset by foreign tax credits and foreign income exclusions but still must be reported.
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Kristopher Originally Answered: Question for landlords about proof of income?
What I look at is your credit score and outstanding debts. I wouldn't rent to someone with enormous debt. I could care less if the person has not worked for 10 years, gets paid cash, or is retired and living off of SS. How else would you have a high credit score if you did not pay your bills?
Kristopher Originally Answered: Question for landlords about proof of income?
Generally, if you rent from a larger apartment complex they need proof that your income is 3 times greater than your monthly rent will be. You would also have to show that you have had a steady income for a set period of time. The best thing to do in your situation is to rent from a private individual. After you have a good rental history it will be easier for you to rent somewhere else. Having good credit is also important. Apply for a credit card. Use it once and then pay it off. This will show up on a credit report. Alot of landlords run credit checks. Good luck!
Kristopher Originally Answered: Question for landlords about proof of income?
Dude, an offer is an offer. No one twisted your arm to make that offer. You sound kind of sketchy. Does your boss know about your sketchiness? He'll figure it out in a few more weeks. As a landlord I would not take an entire year's rent, if offered. I would do as the others--collect a healthy deposit, get first and last month's rent, and put you on month-to-month to see how you pan out. BTW, congrats on saving $14 large. It is not an easy thing to do. Now, remember, cash is king, so hold onto that savings and add to it as you can. You are on your path to wealth!

Irvine Irvine
US citizens are taxed on world wide income if they actually live aboard there are some exemptions and some time limitations, but world wide, means world wide
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Irvine Originally Answered: Why do people think that offshore drilling is helping to lower gas prices?
No, oil companies are not "producing less oil because prices are down." Supply and demand are not the only reason prices go up and down. When you see such a tremendous increase in the price of a commodity in such a relatively short time, as you have with oil over the last few years, it is almost always due to speculation on that commodity, in this case oil futures. The proof of this is in the fact that the price of oil has dropped precipitously over the last several weeks in concert with the stock market. Many people have been getting out of the speculation business recently, and the oil futures market is no exception. As for why some people think that drilling will have an effect on prices of oil and/or gasoline, it's because they don't understand how the oil business works. I work for a major oil company, and I can tell you that even if all the restricted areas in the US were opened up to drilling tomorrow it would be years before any oil could be produced from them, particularly the offshore areas. Even then, the amount of oil in those areas is small compared with total world production, which is the basis upon which oil is valued. So there would be no effect at all on the price of oil and, by extension, gasoline in the short term, and little, if any, in the long term. However, it is also true that the oil companies could make money drilling in those areas, lots of it. I plan to retire in a few years, so the higher my company's stock is the better for me. So by all means, "drill, baby, drill." But unless you own oil company stock, it isn't going to make any difference to you.
Irvine Originally Answered: Why do people think that offshore drilling is helping to lower gas prices?
Off-shore drilling advocates hope it will help bridge the gap between our present dependence upon Mid East oil and the ideal of total independence thereon. It is to be hoped, also, that they factor-in the necessary companion policies that include other alternatives such as stricter mpg rules that automakers are begining to shoot for and alternate energy sources like nuclear, solar, geothermal and wind. It should be pointed out that 'T-Bone's' plea is about CNG, compressed natural gas

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