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Started By
Message
re: 77,000 different foreign banks in 70 countries reporting to IRS now
Posted on 6/4/14 at 6:08 pm to Tiger n Miami AU83
Posted on 6/4/14 at 6:08 pm to Tiger n Miami AU83
quote:
That supposed to impress me?
T n M, I have zero interest in impressing you.
You made an utterly stupid assertion regarding overseas accounts. Completely utterly stupid. Worse still, you'd claim this is in your wheelhouse.
If you intended the extrapolation to include overseas investments, business, unclaimed income etc., the assertion would be different. I'd guess that's what you meant. You've given no basis of support for the guess though.
The statement "stashed" in a bank is ridiculous in terms of IRS ramification.
2
Posted on 6/4/14 at 6:12 pm to NC_Tigah
I wish these banks would all do a "information blizzard" and send data / paperwork for every tiny aspect of the business.
"Here is 1 million Terabytes of information (times 77,000). all of the info you require is in there. Now, GFY. We have complied in excess of what you 'requested'. "
"Here is 1 million Terabytes of information (times 77,000). all of the info you require is in there. Now, GFY. We have complied in excess of what you 'requested'. "
This post was edited on 6/4/14 at 6:13 pm
Posted on 6/4/14 at 6:12 pm to NC_Tigah
You're being stupid again trying to impress I suppose.
I don't generally humor intentional stupid of people who are bored.
Not making an exception for you.
Like I said, if you have an intelligent question, you can ask it.
I don't generally humor intentional stupid of people who are bored.
Not making an exception for you.
Like I said, if you have an intelligent question, you can ask it.
Posted on 6/4/14 at 6:15 pm to BlackHelicopterPilot
That has been done to an extent, but at the individual level.
It will happen at the foreign entity level soon, but the reporting is actually pretty well designed to get at certain information.
But really, maybe more importantly, it is something of a scare tactic that is working MUCH better than the gov expected. Exponentially better really.
It will happen at the foreign entity level soon, but the reporting is actually pretty well designed to get at certain information.
But really, maybe more importantly, it is something of a scare tactic that is working MUCH better than the gov expected. Exponentially better really.
Posted on 6/4/14 at 6:17 pm to Tiger n Miami AU83
quote:
You made an utterly stupid assertion regarding overseas accounts. Completely utterly stupid. Worse still, you'd claim this is in your wheelhouse.
quote:
trying to impress I suppose.
Posted on 6/4/14 at 6:19 pm to rmcc316
quote:
its all about litecoin now, son.
Posted on 6/4/14 at 6:20 pm to Vols&Shaft83
Posted on 6/4/14 at 6:28 pm to Tiger n Miami AU83
:sigh: His statement wasn't stupid. It was relevant to the statement you made. You are just hiding the ball and calling him dumb for not guessing what you are referring to. Maybe just tell him.
Posted on 6/4/14 at 6:41 pm to BBONDS25
No.
He is dumb.
He is dumb.
Posted on 6/4/14 at 6:49 pm to RogerTheShrubber
quote:
Sticking it to the rich?
No. Sticking it to the upper mid class as they are the ones that don't have a staff of tax attorneys to manage the regulatory requirements posed.
Posted on 6/4/14 at 6:55 pm to C
You are more right than you know I suspect.
An unintended consequence has bend bending over and totally screwing dual citizens in many cases. The irs simply cast too big of a net in this case. People who do not live in the US and in MANY cases have spent their entire life outside of the US and obviously have bank accounts have totally gotten bent over in a lot of cases. And some have had to pay accounting and attorney fees they really can't afford to fix the problem for a variety of reasons.
An unintended consequence has bend bending over and totally screwing dual citizens in many cases. The irs simply cast too big of a net in this case. People who do not live in the US and in MANY cases have spent their entire life outside of the US and obviously have bank accounts have totally gotten bent over in a lot of cases. And some have had to pay accounting and attorney fees they really can't afford to fix the problem for a variety of reasons.
Posted on 6/4/14 at 7:28 pm to Tiger n Miami AU83
so you make a thread but intentionally won't explain the ramification, iyo?
why?
are you conceited?
why?
are you conceited?
Posted on 6/4/14 at 7:39 pm to Stingray
That isn't it at all. NC was trying to pull a "gotcha" on me by using word play and semantics due to me using the word "stash" instead of invest.
His point was a US person who "stashes" their money in a foreign account that is not interest bearing doesn't have any income and doesn't have to report anything.
It was stupid for 3 reasons:
1. People who put money in offshore accounts aren't going to putit in a non interest bearing (at a minimum) account 99% of the time in the first place.
2. He thought he was being cute with his lil gotcha which is annoying.
3. He is wrong anyway. Whether it is income earning or not he still fricked up his gotcha trying to act smart.
Now if you have a question or wanted me to explain why the reporting is significant, I can, but briefly as I'm signing off soon.
His point was a US person who "stashes" their money in a foreign account that is not interest bearing doesn't have any income and doesn't have to report anything.
It was stupid for 3 reasons:
1. People who put money in offshore accounts aren't going to putit in a non interest bearing (at a minimum) account 99% of the time in the first place.
2. He thought he was being cute with his lil gotcha which is annoying.
3. He is wrong anyway. Whether it is income earning or not he still fricked up his gotcha trying to act smart.
Now if you have a question or wanted me to explain why the reporting is significant, I can, but briefly as I'm signing off soon.
Posted on 6/4/14 at 7:39 pm to BBONDS25
quote:Oh BBONDS, come on.
for not guessing what you are referring to
The guy quoted a BS article by a BS author about a subject the author neither understood nor researched, and the IRS is hoping to use as deflection from its recent problems.
At this stage, I'm no longer convinced TnMAU even understands the raw IRS politics at stake here.
Posted on 6/4/14 at 7:42 pm to NC_Tigah
fricking A. You still have no fricking clue. And no idea why you have no clue.
Your an annoying prick when you are talking out of your arse, I'll give you that.
I may just leave it up to bonds to spell it out for you if he is inclined. I'm certainly not.
Your an annoying prick when you are talking out of your arse, I'll give you that.
I may just leave it up to bonds to spell it out for you if he is inclined. I'm certainly not.
Posted on 6/4/14 at 7:44 pm to Tiger n Miami AU83
quote:No nitwit.
NC was trying to pull a "gotcha"
I was trying to get you to apply your supposed expertise toward analyzing the article. Simple as that. I was surprised you swallowed the author's quoted numbers hook, line, and sinker. That's it!
Posted on 6/4/14 at 7:46 pm to NC_Tigah
Ok den. It's deflection by the irs. Fatca and all of it. You win.
Posted on 6/4/14 at 7:49 pm to Tiger n Miami AU83
quote:
fricking A. You still have no fricking clue. And no idea why you have no clue.
Your an annoying prick when you are talking out of your arse, I'll give you that.
One of the things I regret is that posters that know something about a subject fall into this "fight and insult" mode.
Even IF NC were trying a "gotcha" or is "too dumb to know _____"....your explaining things to HIM might inform US...even if it fell on his deaf ears.
Nothing in this post is intended to besmirch NC. i simply took TnM's point of view to speak to him. I have no issue with either poster ,,, least of all NC
Posted on 6/4/14 at 7:53 pm to Tiger n Miami AU83
quote:OK. Have one on me.
Ok den. It's deflection by the irs. Fatca and all of it.
In the future, think!
Don't swallow BS. Especially when it is within your realm. You understand this stuff better than the journalist trying to shovel it in. Call a spade a spade (and make no mistake, a spade is a shovel)
Posted on 6/4/14 at 7:56 pm to BlackHelicopterPilot
Eta, too much info. Time to move on.
This post was edited on 6/4/14 at 8:03 pm
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