QUESTION
Will I have a problem if I do not report the income of my small business?
Asked on Jul 13th, 2011 on Taxation - California
More details to this question:
Are there any penalties for a green card holder who owns an LLC and does not report all income for business (keeps cash) on federal tax return and also states that he is a citizen of the US?
2 ANSWERS
Yes, you will have a problem. You have a requirement to declare your worldwide income on a U.S. Tax Return.
Answered on Jul 14th, 2011 at 2:14 PM
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The following is note to be construed as legal advice or the establishment of an attorney client relationship. The signing of a knowingly false return with the intent to avoid or evade income tax is a state and federal felony. Conviction on either account may be grounds for an immigration action and result in either the revocation of the Green Card and/or denial of citizenship and deportation at the conclusion of the sentence.
Answered on Jul 14th, 2011 at 1:02 PM