When you have self-employment in a foreign country, you could be required to pay self-employment taxes in the US. Take the additional step of obtaining a Certificate of Coverage. If you need to know if your home country is eligible, just ask.

Foreign corporations are a big tax trap in the US, but planning is possible. Always report your foreign corporations, because there are IRS huge penalties if you don’t, but also expect that you will lose most of the corporate benefits you get from other countries.

Creating a business entity is dead easy. But it’s important to remember that what takes a few minutes to create can take months of work and thousands of dollars to unwind.