Quote:
Originally Posted by dirtbanker
Those days have been over for sometime.
I can tell you that in order to spend the money here in the states, they will have to pay tax on it. To deposit money earned here in the states into a foriegn account, they will have to report it and pay tax on it.
There are several laws on the books to deal with reporting of foreign bank accounts;
Bank Secrecy Act.
FDIC 1010.610 and 1010.620
IRS requires an FBAR by June 30 each year.
The US has a banking agreement with almost every country in the world. The US provides software to those countries (software to root out their tax cheats) in return information of foriegn accounts held by US citizens and companies.
Sent from my SAMSUNG-SM-G890A using Tapatalk
|
Hey Don - Right back at you, read about these "real slow":
Bank Secrecy Act
FDIC 1010.610 and 1010.62
FBAR
Those apply to all bank accounts, Corp or individual. The money held by US entities has to be disclosed. Tax paid to a foriegn country will be credited toward money owed for US tax (that is providing that the income was made in a foriegn country. Income made in the US is taxed by US with no foriegn tax credit, regardless of where it is held).
There is another act that came about in 2012 (?). It forced the other countries (like Switzerland and Nevis) to disclose US held accounts. I will find it...
Thanks in advance for the reply.
Sent from my SAMSUNG-SM-G890A using Tapatalk