In a Sunday evening announcement, Treasury said in a news release that it will not impose penalties now or in the future if companies fail to register for the agency’s beneficial ownership information database that was created during the Biden administration.
Despite efforts by small businesses to undue the rule in the courts, it remains in effect.
On Sunday, President Donald Trump on his Truth Social media site praised the suspension of enforcement of the rule and said the database is “outrageous and invasive.”
There should be guides for regular people to set up shell offshores. If it’s de facto legal, everyone should do it. Of course, there’s probably barriers to entry, like actually needing money first…
It’s mostly just knowing which forms to file and when to file them, most competent CPAs or attorneys could help you with this if you can’t google sleuth it.
The catch here for us normies is that you can’t offshore W2 earnings. However, if you’re working as an independent contractor / self employed, you’re in luck and could do this to avoid paying any taxes at all on your income.
For the rich, they make their income from stock investments primarily, so it’s really easy to put all that investment capital in a shell company to reap maximum rewards with 0 tax liability.
Colbert did that SuperPAC a while back, setting up an offshore shell company would be another perfect exercise for him.