If a off shore company is owned by an American does it have to pay American tax rates and follow american law? And like in the usa private security generally isn't a tax write off?
If an offshore company is owned by a U.S. citizen or resident, it may be subject to certain U.S. tax reporting requirements and possibly taxation, depending on the structure of the company and the level of control the American owner has. The U.S. taxes its citizens and residents on their worldwide income, which means that income earned through foreign entities can be subject to U.S. taxation. However, the specific tax treatment depends on various factors, including whether the company is considered a Controlled Foreign Corporation (CFC) or if it generates Subpart F income. A CFC is generally defined as a foreign corporation where more than 50% of the control or value is held by U.S. shareholders who each own at least 10% of the foreign corporation. If the offshore company is a CFC, the U.S. shareholders may be required to include certain types of passive income (Subpart F income) on their U.S. tax returns, even if the income is not distributed to them. Regarding tax deductions, the U.S. tax code allows businesses to deduct ordinary and necessary expenses incurred in carrying on a trade or business. Private security can be a deductible expense if it is deemed ordinary and necessary for the business. However, personal security or expenses that are not directly related to the business activity typically are not deductible. It's important to consult with a tax professional who is knowledgeable in international tax law to understand the specific obligations and opportunities related to owning an offshore company, as the rules
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