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Started By
Message
Say you didn't want cash wires to be known by the gov....
Posted on 4/17/11 at 10:20 pm
Posted on 4/17/11 at 10:20 pm
....just a hypo, if wires of a couple thousand dollars per about 10-12 times per year were getting wired to a personal account from an overseas company.
There is no record of employment or anything...just wired funds...
Can this money easily be not reported? Give of up to 12,000 per year? Etc? Are checks mailed and made out to cash be better?
There is no record of employment or anything...just wired funds...
Can this money easily be not reported? Give of up to 12,000 per year? Etc? Are checks mailed and made out to cash be better?
7
Posted on 4/17/11 at 10:22 pm to Tiger Attorney
quote:
Tiger Attorney
Posted on 4/17/11 at 10:24 pm to Tigah in the ATL
I avoided tax classes like the plague...now I have someone coming to me for what I consider tax advice, but really I know there is some legal aspect to it.
Really this kind of question is best handles by like a small buisness man.
Posted on 4/17/11 at 10:33 pm to Tiger Attorney
quote:
I avoided tax classes like the plague...now I have someone coming to me for what I consider tax advice, but really I know there is some legal aspect to it.
He's an attorney - probably has to do with a case he has. He put "hypothetical" because it absolves him of any attorney client privacy breach.
Posted on 4/17/11 at 11:08 pm to Tiger Attorney
quote:
....just a hypo, if wires of a couple thousand dollars per about 10-12 times per year were getting wired to a personal account from an overseas company.
There is no record of employment or anything...just wired funds...
Just a hypo, would this account happen to involve an online poker site?
Posted on 4/17/11 at 11:14 pm to foshizzle
no...seems as though this hypo guy is doing some contract work on weekends/nights for a foreign company...
Posted on 4/17/11 at 11:58 pm to Tiger Attorney
Check with a drug dealer that has a large operation.
Posted on 4/18/11 at 12:08 am to Tiger Attorney
I doubt anyone would notice those small sums. Wire transfer will cost more than postage. If you really don't want anyone to know you have it, keep it out of the country.
Posted on 4/18/11 at 12:12 am to Athanatos
How would he keep it abroad...how would he access funds or set up the account?
I doubt he could afford to just fly abroad. He may want to though.
I doubt he could afford to just fly abroad. He may want to though.
Posted on 4/18/11 at 12:18 am to Tiger Attorney
Idk. I don't have these issues personally. The people I know that keep money overseas, opened accounts overseas in person.
Posted on 4/18/11 at 12:21 am to Athanatos
I am not sure this route is worth his while...seems like 20K for the year is the ceiling.
I need to get him to talk to someone else that knows this shite, but I have no idea of any crooked accountants, etc.
I need to get him to talk to someone else that knows this shite, but I have no idea of any crooked accountants, etc.
Posted on 4/18/11 at 12:30 am to Tiger Attorney
Fedgov will know about any foreign transactions of substance. They might not care enough to send an irs agent after 12k, but they know its there.
LINK
Fyi if you frick around with this trying to structure deposits and get caught they will freeze all your back accounts (terrorism related) and you are the definition of fricked. Not sure why you are even entertaining the notion of offering advice on this to someone in the first place.
LINK
Fyi if you frick around with this trying to structure deposits and get caught they will freeze all your back accounts (terrorism related) and you are the definition of fricked. Not sure why you are even entertaining the notion of offering advice on this to someone in the first place.
Posted on 4/18/11 at 12:30 am to Tiger Attorney
He needs to talk to a tax professional. Not just a standard 'accountant' or someone with a CPA, but someone who does international tax and has done it for awhile.
Posted on 4/18/11 at 12:56 am to kfizzle85
basically he is just doing odd and ends for a foreign entity...I advised him to get on their payroll, but its under 20K so he is just trying to get cash for it...the other company prefers this as well due to high taxes in origination country.
He doesn't make a ton of money in life...he is just trying to avoid some of the taxes. I understand as a TON of my check is taken by the gov every year.
He doesn't make a ton of money in life...he is just trying to avoid some of the taxes. I understand as a TON of my check is taken by the gov every year.
Posted on 4/18/11 at 12:58 am to kfizzle85
quote:
Not sure why you are even entertaining the notion of offering advice on this to someone in the first place
He is a friend and I am way out of my league on offering advice. I think I am just going to tell him to consult a tax pro. I am not the guy for this.
Posted on 4/18/11 at 1:21 am to Tiger Attorney
I am prob going to advise him just to report it as income and suck up the taxes now that I think about it.
Posted on 4/18/11 at 2:07 am to Tiger Attorney
quote:
I advised him to get on their payroll, but its under 20K so he is just trying to get cash for it...the other company prefers this as well due to high taxes in origination country.
Unless he provides a service that the company can justify for the 20K salary they would be paying him, the company/the guy could run into issues with the IRS perceiving the payments as constructive dividends.
Posted on 4/18/11 at 7:10 am to Tiger Attorney
quote:When has that ever stopped an attorney from offering advice???
I am way out of my league on offering advice.
Posted on 4/18/11 at 7:19 am to LSURussian
quote:
When has that ever stopped an attorney from offering advice???
Most attorneys I know don't distribute their services for free.
Posted on 4/18/11 at 7:23 am to OohPooPahDoo
quote:Just like prostitutes?
When has that ever stopped an attorney from offering advice???
Most attorneys I know don't distribute their services for free.
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