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Now that it's over.... (pg. 5)
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| jerZ07002 |
| quote: | Originally posted by The17sss
Now that it's over... hmmmmm. I guess I'll try to find new and inventive ways to siphon money into places where it can't be touched by Obama's greasy KFC fingers. I've already opened a bank account overseas in Malaysia, and will get salary paid through our division out there tax free (fortunately it's recognized as a state owned company there and not operating as a foreign U.S. corporation)... then it's just wire transfers into my personal bank account here in increments under $9900 at a time... or $9500 or whatever they moved it to for avoiding the IRS's notice. On paper here, I'll appear relatively poor and not have the lazy entitelment minded s with their hands out getting any of my cheddar! |
if that was serious you're a douche bag and a tax evader. I only hope the IRS catches you. By the way, that isn't even a good way to avoid taxes. |
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| jerZ07002 |
| quote: | Originally posted by The17sss
it's greasy, not sticky...lol. Hell no I wish I had a personal income of $600K. But I don't. However I do have a legitimate CPA who always does my business and personal taxes, and I've paid my deductions accordingly. It's just fortunate for me that in the last year, my company's business operations have flourished overseas and given me more flexability.
Really, I'm not doing anything illegal. It's totally legal to get paid through a company I work for through the Malaysian based division, into a legal bank account set up over there, and make wire transfers in the amount of my choosing to anywhere I please. |
it's illegal for a US citizen not to declare income from a foreign sources. Just because it is paid from a foriegn branch doesn't mean you don't have to pay taxes on it. US citizens are subject to tax on worldwide income, with certain exceptions (reduces treaty rates, etc..) evasion of taxes isn't one of those situations in which you can fail to claim foreign income. The very fact that you're keeping the payments under the 10,000 treasury notification threshold should indicate that it's not legal. Your CPA obviously knows its illegal since he advised you to stay under that amount. I hope he gets caught also. |
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| verndogs |
| quote: | Originally posted by Groundhog Boy
If we all went back to the glory days of the '50s that so many of the Republican Party wish we were living in, this wouldn't be an option for everyone under the sun. |
When the income tax rate was at 91%? Oh, the irony :haha: |
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| Groundhog Boy |
| quote: | Originally posted by verndogs
When the income tax rate was at 91%? Oh, the irony :haha: |
Is there any doubt why we were able to expand our infrastructure so well, which greatly increased productivity?
http://www.truthandpolitics.org/top-rates.php |
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| Shakka |
| quote: | Originally posted by verndogs
When the top marginal income tax rate was at 91%? Oh, the irony :haha: |
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| The17sss |
| quote: | Originally posted by Lebezniatnikov
Public education, agricultural subsidies, highway expenses... nawwww. Government just cuts welfare checks, right? |
went to private school, jabroni |
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| The17sss |
| quote: | Originally posted by jerZ07002
it's illegal for a US citizen not to declare income from a foreign sources. Just because it is paid from a foriegn branch doesn't mean you don't have to pay taxes on it. US citizens are subject to tax on worldwide income, with certain exceptions (reduces treaty rates, etc..) evasion of taxes isn't one of those situations in which you can fail to claim foreign income. The very fact that you're keeping the payments under the 10,000 treasury notification threshold should indicate that it's not legal. Your CPA obviously knows its illegal since he advised you to stay under that amount. I hope he gets caught also. |
Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer |
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| Arbiter |
| quote: | Originally posted by The17sss
Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer |
I'm sure jerZ can give a better answer on the subject than I, but my understanding is that you would legally be required to report the income even if you never transferred it into the U.S. |
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| Groundhog Boy |
| quote: | Originally posted by The17sss
Really? You hope I get caught? Who pissed in your cornflakes this morning? First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer |
Do everyone involved a favor and just move to Malaysia and renounce your citizenship, you leech. Either that, or don't use anything created by taxpayer funds, which is impossible if you live here. |
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| Lebezniatnikov |
| quote: | Originally posted by The17sss
went to private school, jabroni |
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| jerZ07002 |
| quote: | Originally posted by The17sss
Really? You hope I get caught? |
people with your attitude cause the IRS to spend more money than necessary to collect what is legally due, which in turn increases your taxes (to make up for the expense of collecting taxes).
| quote: | Originally posted by The17sss
Who pissed in your cornflakes this morning? |
your racist comment was the piss in my cornflakes.
How would you like if someone openly said they were going to sell rock in your neighborhood? that's how i feel when someone like yourself thinks you are too good to pay your share of government costs, especially when your candidates are the ones who expanded the size of our deficit and imposed the enormous cost of the iraq war on me and the rest of the people who opposed the iraq war.
| quote: | Originally posted by The17sss
First, my CPA didn't give me that advice... I've known about that threshold for a long time. So, if I have an ownership stake in a company that operates as a domestic company in that country, get paid regularly from there, and have a bank account legally set up there as well, you're saying I can't transfer any of it to my bank account here in the states without reporting it? |
you said you would get paid a salary from the foreign company; that's taxable in the US with limited exceptions.
| quote: | Originally posted by The17sss
I guess I could just keep the money there and make a purchase on anything I want here using those bank wire numbers from abroad. |
depending on how you do it that could be tax deferred. However, if the income earned by the company is really your personal services income that wouldn't be respected and would be taxable in the US. There are ways to structure businesses abroad to defer taxes, but i doubt your facts lend themselves to such a structure. Plus the fact that you're looking at Malaysia shows a real lack of knowledge on how to do it; Malaysia has a 26% corporate income tax. Most people use a Caribbean island or Luxembourg. Lastly, the fact that you said 'siphon' shows there would be absolutely no business purpose to operate abroad.
| quote: | Originally posted by The17sss
But go ahead and report me to the IRS if you feel it's your moral obligation as a big bad tax lawyer |
why would i report you? I'm not a cop. if you can get away with a crime (and it is a crime, making you a criminal) good for you, but I'm not rooting for you. As i said before, that kind of attitude is what causes higher taxes for all. Also, it shows how little you care about your fellow citizens. For people that claim to be such proud Americans, republicans seem to forget that america is a collection of 300 million people, and not just one republican (namely you). |
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| jerZ07002 |
| quote: | Originally posted by Arbiter
I'm sure jerZ can give a better answer on the subject than I, but my understanding is that you would legally be required to report the income even if you never transferred it into the U.S. |
Reporting the income isn't really an option: generally it's required. the IRS publishes a bunch of forms for reporting foreign income: 5471, 1118, 8865. A US person that owns a substantial stake in a foreign corporation is generally required to file forms with the IRS, and unless the foreign corporation has real business operations abroad (obviously its more complex than this description) the US person's share of the income is taxable in the US.
I think i need to put a disclaimer on this (i forget the rules)....this is not intended to be legal advice. |
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