I have corp, money obtained for service is by PayPal. Can I transfer that money out to foreign account without going to corp bank acct. Would cause income tax problem or how would I do an income tax when money never goes into corp bank account?
Not sure what you mean, but the only way to withdraw money from paypal is making a transfer to you local bank account ,
1. PayPal money is sitting 2. Corp Bank Account 3. Foreign Bank Accout Now Money is going to take this path: 1 -> 3 Not: 1 -> 2. How do you report corporate income and taxes in the scenario 1 ->3. If I take 1->2, then I have to take step 3. Too much fees have to pay this way.
Send paypal an email about this. They could give you the answer in short order. Or go into paypal account and see if you can change your bank account to the foreign bank account.