Go bury your money in a tin can in Afghanistan ...

This law is really aimed at US businesses that find safe harbour offshore by not repatriating their earnings.

The IRS is not after you small timers unless you have millions hidden from the taxman then you are in deep doodoo ...

If you are a USA business that has equitable interest in foreign businesses you owe US taxes on the profits you take -- pretty simple. There is an exemption:

Quote:

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude from income up to an amount of your foreign earnings that is adjusted annually for inflation ($91,500 for 2010, $92,900 for 2011, $95,100 for 2012, and $97,600 for 2013). In addition, you can exclude or deduct certain foreign housing amounts. IRS Webpage (look it up)

So, for most people it's not an issue -- nice talking point though ...