Quote:
Originally Posted by Trend
Excellent Advice 
a. From US based accounting firm:
I?ve been asked by some of my gambling clients about ePassporte, an e-wallet that?s now in widespread use. The question that has arisen is whether ePassporte is a foreign bank account like Neteller was.
So where is ePassporte headquarted? They?re headquartered in St. Kitts, part of the Federation of Saint Kitts and Nevis, the smallest independent nation in the Caribbean. So if you have an account at ePassporte it is a foreign bank account. If you?re a US citizen and your high balances in any foreign bank accounts when added together add up to $10,000 or more, you must file Form TD F 90-22.1 and check the box on Schedule B. If you willfully don?t file Form TD F 90-22.1 the minimum fine is $100,000.
So if you have foreign bank accounts and meet the threshold of reporting make sure you comply.
b. Money Laundering: Life After
the Patriot Act ( SEC Report )
c. Our banking institutions explained that they must file a SAR's report every time we send money via bank wire, epass, paypal etc to or through a foreign country. Frequency raises red flags. |
This is correct.
Everything that leaves an electronic trail, the government can get. This is straight from my buddy at homeland security. He said that a lot of times people can get away with it for a 'time' with IRS because they are understaffed. But if they start pulling your records, they will find it.
One way, or another.
I claim all of that shit where it shows up or not. I have more than enough write offs a year that I do not need to concern myself with lying on the taxes. I put down every little thing. Both for income revenue AND for write offs.
