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13 Responses to “Congress Enacts Obama’s Anti-Offshore Jobs Bill”

1. George W Says:
   March 30th, 2010 at 1:33 pm

   How does this affect the Checkbook IRA accounts? If you have the Open Opportunity IRA LLC setup and invest in a foreign stock or private foreign investment holding company not registered in the US and it’s over $50k do you have to do the extra reporting for IRA money as well?

2. Mark Nestmann Says:
   March 30th, 2010 at 3:12 pm

   I’m not familiar with the Open Opportunity IRA LLC. However, the $50,000 threshold apparently applies only to investments held by individuals, not by LLCs. In addition, regulations recently issued by the Treasury Department eliminate the need for the beneficiary of an IRA to make a separate FBAR reporting for IRA investments in foreign accounts. However, the IRA administrator needs to make a report of the accounts. Also, there are numerous disclosures you need to make for the offshore LLC.

3. Richard Says:
   March 30th, 2010 at 4:41 pm

   How about a Panama Corp. Panama Foundation, Panama Trust all with professional management services in Panama?

4. Jai Says:
   March 30th, 2010 at 4:48 pm

   There must be thousands of foreign small business owners – I can think of dozens with websites – selling worldwide. Does this jeopardize their sales transactions if a customer happens to be in the US and funds are transmitted to a foreign bank account of the foreign company, LLC, corp, whatever?

5. Jason K. Says:
   March 30th, 2010 at 10:55 pm

   Fantastic article Mark. Thanks for being so on top of these issues and getting this article out so quickly.

6. Wiz Says:
   March 31st, 2010 at 8:49 am

   A small bit of advice for all of you Americans, go buy as much gold as you can, as fast as you can, and get it out of the country right now. Within a year or so, you guys are done. There will be no way out. As I understand it you are now able to legally take physical gold out of the country without disclosing to the authorities as it is not classified as a “financial instrument”. Presumably if you put it in some other foreign “non financial” institution you may be able to keep (all of) it for a rainy day.
   Do your own due diligence.

7. Meet the Jeffersons Says:
   April 1st, 2010 at 1:19 am

   How would this impact reporting requirements for non-bank foreign businesses that store allocated precious metals? I believe you had recently written it was unclear if the various offshore e-gold services would be contained within the definition of a financial institution. Does this now mean they would be required to be reported?

8. Mark Nestmann Says:
   April 6th, 2010 at 5:13 pm

   I don’t think the HIRE Act will require reporting of allocated gold accounts. However, it may depending on how Treasury writes the rules. Proposed rules issued by FinCEN (see blog posting at http://nestmannblog.sovereignsociety.com/2010/03/secret-treasury-agency-wants-to-retroactively-expand-offshore-reporting-requirements-part-i.html) would make allocated gold holdings reportable.

9. Meet the Jeffersons Says:
   April 11th, 2010 at 3:02 am

   “…would make allocated gold holdings reportable.” I’m 100% in allocated silver. A loophole or pipe dream?

10. rrllll Says:
    April 22nd, 2010 at 10:07 pm

    Is silver considered a financial instrument at this time by the IRS?

11. Schedule Says:
    October 30th, 2010 at 12:24 pm

    You you should change the blog name title Congress Enacts Obama’s Anti-Offshore Jobs Bill | Preserving Your Privacy and Wealth to something more suited for your content you create. I liked the the writing still.

12. Glenn Says:
    December 16th, 2010 at 8:19 pm

    Hello Mark,

    When discussing an LLC, whether foreign or domestic, it would be reasonable to assume that because LLC’s are member owned, a US citizen owning a foreign LLC membership would be subjected to US income filing and disclosures, at least the filing of 90-22.1. because they hold a transferable interest. Possibly transferring that interest to a foreign based irrev. trust may circumvent reporting requirements if that country has no treaty or reporting requirements with the US. If so, pay the foreign tax and claim a refund on the US tax return.
    I realize you’re trying to provide concise short answers, not the esoteric. Just my opinion.

13. Ruthanne Baroldy Says:
    January 17th, 2011 at 8:53 pm

    I’d be inclined to concur with you one this subject. Which is not something I typically do! I really like reading a post that will make people think. Also, thanks for allowing me to speak my mind!

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