Please help, I messed up badly - will the IRS go after me?
avinashv: You've essentially set up a dummy corporation to shuttle money outside the United States to avoid paying US tax. Not only that, but I read in the comments that the friend who you've set up as a director is also not in the States?You should contact a United States accountant and tax lawyer immediately and talk to them. I'd avoid email, and instead stick to using the telephone. You're not entirely up shit creek--many countries have taxation treaties with the United  States that lessen the burden to those who have to pay double tax, though I doubt it applies in your situation.I should also mention that your friend is, from what I can see, liable for you.I am not a lawyer. Please, seek professional advice!