Are there any good legal offshore tax benefits?

[danrushing]

Diane,
Are there any good legal offshore tax benefits? By that, i mean, tax strategies that help you pay LESS tax (business or personal). I'm thinking small business, here. I know of huge corporate maneuvers such as creating offshore entities that are not owned by individuals but other corporations and the profit is reinvested into the foreign entity without coming back to the USA. But are there small business benefits to having offshore accounts (reported, of course) where you can pay less tax than creating domestic accounts? Are there actual offshore tax strategies for small businesses that you recommend?

Thanks!
Dan

[Diane Kennedy]

Hi Dan, there aren't any good, legal tax strategies for the small biz owner. The IRS is really coming down hard on the illegal strategies that have been touted as ways to save offshore.