As a trader- i ensure that i am taxed for any profit withdrawals for a calender year. (Business Income is how my Auditor advised me to file it as). I have not had audits yet (Neither have any of my peers here)
I suppose there is no comparision between IRS and my country Income Tax dept. in the aggressive approach to track ppl, but it sure does not make any sense in risking "forgetting" to declare gains.Especially since the whole forex trading aspect itself is a grey area and we all are waiting eagerly for clarifications.
As a money manager, i ve been advised to incorporate offshore (both the company and the bank account)-and set up a subsidiary in India as a back-office to which portions of revenue can be transferred (which would be taxed).
I suppose there is no comparision between IRS and my country Income Tax dept. in the aggressive approach to track ppl, but it sure does not make any sense in risking "forgetting" to declare gains.Especially since the whole forex trading aspect itself is a grey area and we all are waiting eagerly for clarifications.
As a money manager, i ve been advised to incorporate offshore (both the company and the bank account)-and set up a subsidiary in India as a back-office to which portions of revenue can be transferred (which would be taxed).