Yes, it is legal. I'll leave the tax implications to taxation lawyers and CPAs.
(213) 394-4554 x0 Mr. Shusterman is a former INS Trial Attorney (1976-82) with over 35 years of immigration experience. His response to your question is general in nature, as not all the facts are known to him. You should retain an attorney experienced in immigration law to review all the facts in your case in order to receive advice specific to your case. Mr. Shusterman's statement above does not create an attorney/client relationship.
Yes, it is legal. Be sure to consult with either an accountant or a tax lawyer about the tax implications though.
Behar Intl. Counsel 619.234.5962 Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
The tax aspect of it you can inquire about from a CPA or tax attorney . On a hunch, I would say you do not have to pay taxes here for the income generated abroad unless that income is related to your H1B work. AS to the immigration aspect of your question, there is nothing illegal about it, provided the income is form legitimate sources
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If you have income from foreign source you need to report it. You may have paid taxes already in the country of the source. A tax treaty may apply. For this I would suggest to hire an international tax attorney. Best
This reply is offered for educational purpose only. You should seek the advice of an attorney. The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than an educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the undisclosed individual asking the question. To the extent additional or different facts exist, the response might possibly change. Attorney is licensed to practice law only in the State of New York. Responses are based solely on New York Law unless stated otherwise. Pursuant to Internal Revenue Service guidance, be advised that any federal tax advice contained in this written or electronic communication is not intended or written to be used and it cannot be used by any person or entity for the purpose of (i) avoiding any tax penalties that may be imposed by the Internal Revenue Service or any other U.S. Federal taxing authority or agency or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Mr. Melchionna gives the best tax related answer while my immigration colleagues give the immigration answer. You need to follow both laws, the IRS regarding a "tax resident" which is different in meaning from other meanings of "resident" and the foreign tax laws, if and where applicable, taking into account any tax treaties between the US and the other nations to avoid double taxation, and numerous other provisions including source withholding. I am business lawyer in foreign trade, not a tax lawyer.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.