jimhsu:[QUOTE]
(ok. correct me if I'm wrong. Please.) This is only for the US, other countries I don't know.
A. Amount received from an e-currency not backed by USD, sent to the bank or an e-currency backed by USD (e.g Paypal). = __________
B. Amount sent from bank or USD backed e-currency to non-USD backed e-currency. = __________
C. Gross Income = A - B = _________
D. Deductions if applicable (internet access, etc.) = ___________
E. Taxable Income = C - D = __________
F. If field E or field C is less than 0, you are not concerned with reporting your taxes for this year. If field E is greater than 400 USD, I recommend that you report your taxes for this year.
G. If Field E is big enough, I recommend that you split your income into say capital gains, self-properitorship (Schedule C), and hobbies. Make sure that Field D is not very large, as you could be nailed and audited for tax evasion.
H. Send your completed 1040 and all appropriate schedules to the IRS office.
Repeat, this is only a concern for US citizens with identification residing in the United States and meeting all of the requirements above.
NOTE: THIS IS NOT CERTIFIED FINANCIAL ADVICE.
[/QUOTE]
notjomoma:
[QUOTE]
IRS warns on new tax scams
--------------------------------------------------------------------------------
In an update of an annual consumer alert, the Internal Revenue Service urged taxpayers to avoid falling victim to one of the "Dirty Dozen" tax scams and a variety of other schemes. In the new 2004 ranking, several new scams have reached the top of the consumer watch list, including abusive trusts and the "claim to right" doctrine.
In addition, the IRS has taken a new step this year and issued 10 new pieces of legal guidance involving scams in the "Dirty Dozen" and other tax schemes. The new guidance debunks the schemes and provides new legal details to help tax practitioners and taxpayers.
"At the IRS, we're augmenting our enforcement resources to attack schemes and scams. While we're actively targeting promoters, taxpayers themselves should be wary of anyone who promises to eliminate their taxes," said IRS Commissioner Mark W. Everson. "Don't be fooled by these outrageous claims. There is no secret way to escape paying taxes."
The Internal Revenue Service (IRS) and other federal agencies are aggressively pursuing and successfully prosecuting promoters of these schemes and many of their clients for fraud and tax evasion. Participation in these schemes can result in imprisonment, fines and repayment of taxes owed with interest and penalties.
Even innocent taxpayers involved in these schemes can face a staggering amount of back interest and penalties, IRS officials say.
Taxpayers who suspect tax fraud can report it to the IRS at 1-800-829-0433.
The IRS urges people to avoid the following common schemes:
*1. Misuse of Trusts. Promoters of abusive tax transactions are increasingly urging taxpayers to transfer assets into trusts. The promoters promise a variety of benefits, such as the reduction of income subject to tax, deductions for personal expenses paid by the trust and reduction of gift or estate taxes. Taxpayers Should be aware that abusive trust arrangements will not produce the tax benefits advertised by their promoters and that the IRS is actively examining these types of trust arrangements. More than a dozen injunctions have been obtained against promoters, and numerous promoters and their clients have been criminally prosecuted. Before entering any trust arrangements, taxpayers should seek the advice of a trusted tax professional.
2. "Claim to right" doctrine. In this emerging scheme, people file returns and attempt to take a deduction equal to the entire amount of their wages. The promoters advise them to label the deduction as "a necessary expense for the production of income" or "compensation for personal services actually rendered." The deduction is based on a complete misinterpretation of the Internal Revenue Code and has no basis in law.
3. Corporation Sole. Participants in this scam apply for incorporation under the pretext of being a "Bishop" or "overseer" of a one-person, phony religious organization or society. The idea is that the arrangement entitles the individual to exemption from federal income taxes as a nonprofit, religious organization as described in tax laws. When used as intended, Corporation Sole statutes enable religious leaders-typically bishops or parsons-to become incorporated as individuals as a way of separating themselves legally from the control and ownership of church assets. But the rules have been twisted at seminars where promoters charge fees of up to $1,000 or more per person. Would-be participants are mistakenly told that Corporation Sole laws provide a "legal" way to escape paying federal income taxes, child support and other personal debts.
*4. Offshore transactions. Some people use offshore transactions to avoid paying United States taxes. Use of an offshore bank account, brokerage account, credit card, wire transfer, trust, offshore employee leasing or other arrangement to hide or underreport income or to claim false deductions on a federal tax return is illegal. A taxpayer involved in these schemes could be subject to payment of taxes, interest, penalties and potential criminal prosecution. This was the top scam in the 2003 "Dirty Dozen." A special program last year has yielded more than $170 million in taxes, interest and penalties, and the IRS and the states continue to aggressively pursue taxpayers and promoters in this area.
5. Employment tax evasion. The IRS has seen a number of illegal schemes that instruct employers not to withhold federal income tax or other employment taxes from wages paid to their employees. These schemes are based on an incorrect interpretation of "Section 861" and other parts of the tax law and have been refuted in court. Recent court cases have resulted in criminal convictions of promoters. Employer participants could also be held responsible for back payments of employment taxes, plus penalties and interest. Employees who have no withholdings are still responsible for payment of their personal taxes.
6. Return preparer fraud. Unscrupulous return preparers can cause a lot of problems for taxpayers who use their services. Abusive return preparers derive financial gain by diverting a portion of the taxpayer's refund for their own benefit, charging inflated fees for the return preparation services, and increasing their clientele by advertising guaranteed larger refunds. Taxpayers should choose carefully when hiring a tax preparer-no matter who prepares the return, the taxpayer is ultimately responsible for all of the information on that return.
7. Americans with Disabilities Act. Another scheme seen for several years involves the purchase of equipment and services that the promoter alleges meets the strict criteria of the Disabled Access Credit, which was created with the passage of the "Americans with Disabilities Act." A minimal payment is made and a non-recourse note signed. The investor then provides insignificant services to complete the purchase agreement. This scheme is based on an incorrect interpretation of law and an over-inflated value of the services rendered.
8. African-Americans get a special tax refund. Thousands of African Americans have been misled by people offering to file for tax credits or refunds related to reparations for slavery. There is no such provision in the tax law. Some unscrupulous promoters have encouraged clients to pay them to prepare a claim for this refund. But the claims are a waste of money. Promoters of reparations tax schemes have been convicted and imprisoned. And taxpayers could face a $500 penalty for filing such claims if they do not withdraw the claim. Related scams include claiming an illegal tax credit by misusing Form 2439, "Notice to Shareholder of Undistributed Long-Term Capital Gains." The slavery reparations scam was at the top of the 2002 "Dirty Dozen," and, although claims have fallen considerably, the IRS continues to see activity in this area.
9. Improper home-based business. This scheme purports to offer tax "relief" but in reality is illegal tax avoidance. The promoters of this scheme claim that individual taxpayers can deduct most, or all, of their personal expenses as business expenses by setting up a bogus home-based business. But the tax code firmly establishes that a clear business purpose and profit motive must exist in order to generate and claim allowable business expenses. This scam has been around for years, but the IRS continues to see activity in this area.
10. Frivolous arguments. Frivolous arguments are false arguments that are unsupported by law. When a scheme promoter says "I don't pay taxes-why should you" or urges you to "untax yourself for $49.95," beware. The ads may claim that the promoter knows the "secret" for never paying taxes again, but that's just plain wrong. The U.S. courts have continuously rejected this and other frivolous arguments. Unfortunately, people across the country have paid for the "secret" of not paying taxes or have bought "untax packages." Then they find out that following the advice contained in them can result in civil and/or criminal penalties. Numerous sellers of the bogus schemes have been convicted on criminal tax charges. More than a dozen.
11. Identity theft. Identity thieves use someone's personal data to steal his or her financial accounts, run up charges on the victim's existing credit cards, apply for new loans, credit cards, services or benefits in the victim's name and even file fraudulent tax returns. The IRS is aware of several identity theft scams involving taxes or the IRS. In one example, fraudsters sent bank customers fictitious bank correspondence and IRS forms in an attempt to trick them into disclosing their personal and banking data. In another, abusive tax preparers have used clients' Social Security numbers and other information to file false tax returns without the clients' knowledge. For taxpayers, it pays to be choosy about disclosing personal and financial information. And the IRS encourages taxpayers to carefully select a reputable tax professional.
12. Share/borrow EITC dependents. Unscrupulous tax preparers "share" one client's qualifying children with another client in order to allow both clients to claim the Earned Income Tax Credit. For example, one client may have four children but only needs to list two to get the maximum EITC. The preparer will list two children on the first client's return and the other two on another client's tax return. The preparer and the client "selling" the dependents split a fee. The IRS prosecutes the preparers of such fraudulent claims, and participating taxpayers could be subject to civil penalties.
PIPS and all HYIP alert.
IRS Newswire
U.S. and New Zealand reach Mutual Agreement Regarding Treatment of Income Derived Through Certain Fiscally Transparent Entities
IR-2005-15, Feb. 10, 2005
The Competent Authorities of the United States and New Zealand have entered into a mutual agreement to clarify the entitlement of members of certain fiscally transparent entities to benefits under the Convention between the United States of America and New Zealand for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, signed on July 23, 1982, and as amended by Protocol signed on July 23, 1982, and as implemented in New Zealand by The Double Taxation Relief (United States of America) Order 1983 signed on July 23 1983.
It has come to the attention of the Competent Authorities that a resident of a Contracting State may derive income from the other Contracting State through an entity that is organized in, and treated as fiscally transparent by, the first Contracting State, but that is not treated as fiscally transparent by the other Contracting State.
Consistent with the approach taken in Article 4 (Residence) of the Convention, and pursuant to the authority of Article 24 (Mutual Agreement Procedure) of the Convention, the Competent Authorities agree that, in applying the Convention, income paid to and through such an entity is considered to be derived by a resident of the Contracting State to the extent of the share the resident has in the income.
For example, if a resident of the United States is a partner or member of an entity created or organized in the United States, under the law of the United States or any state of the United States, and the entity is treated for United States federal tax purposes as a partnership or is disregarded as an entity separate from its owner (e.g., a limited partnership; or a Limited Liability Company, including one owned by a single member), the resident of the United States would be afforded the benefits of the treaty on the income that the resident derives from New Zealand through the entity, even if under its domestic law New Zealand does not treat the entity as fiscally transparent. Consistent with Article 4 (1)(B) of the New Zealand/US treaty, the benefits extend to the income received by the fiscally transparent entity only to the extent of the resident�s share of that income.
Links: International Taxpayer Competent Authority Assistance
[/QUOTE]
altect:
[QUOTE]
I have been going back & forth to my CPA for about a week now & have finally gotten all the Tax Liability information for the profit made here. Dale, my CPA, has looked into this very thoroughly. I have given him all the information about HYIP's, Auto Surfs, & E-Gold and anything else related to taxes on HYIP earnings. This is what his outcome was.
All interest or profit from HYIP's & Auto Surfs are to be reported as Capital Gains. All monies lost to ponzis or scammers can be a Capital Loss. You can only report that Capital Loss for the amount invested & not the projected ROI amount. They are two different types of Capital Gains; Short Term & Long Term Capital Gains. Any program, site, or investment that is left alone for more than 12 consecutive months is classified as a long term Capital Gains & anything less than 12 months is a Short Term Capital Gain. Most of the HYIP's & Auto Surfs are Short Term Capital Gains.
The tax rate for Short Term Capital Gains are the same as normal Income Tax Rate Schedules. The tax rate for the interest/profit from HYIP's & Auto Surfs on the Long Term Capital Gains are between 5% & 28%. It gets really complicated when trying to figure out which tax % you owed for the Long Term Capital Gains.
On Capital Gains the ONLY tax due is Federal Income Tax. The Social Security & Medicare Tax ARE NOT DUE!!!!
Take a look at the IRS 2005 Tax Rate Schedules
http://www.irs.gov/formspubs/articl...=133517,00.html
Example:
Quote:
You invest $10,000 in a HYIP that double in 30 Days. This is a Short Term Capital Gain & is taxed at the Regular Income Tax Schedule.
Your ROI is $20,000 = 200%
You pay tax on the Capital Gain = $10,000
Going by the 2005 Tax Schedule. The above link to IRS�s site. If that was the only Profit you made that year then you would pay tax as follows:
Min Tax is $715 plus the difference between $7,150 & the $10,000 Capital Gain which is $2,850.
You pay 15% on the $2,850 = $427.50
Total Tax on the $10,000 Capital Gain = $1,142.50 (The Min Tax & the $2,850)
You can plug in the different figures to get an estimate of what you pay. The Long Term Capital Gain is more complicated. Most programs out there aren�t in the Long Term Capital Gains category.
The tax on Referrals is taxed as Regular Income Tax Rate. The same rate as we used above. The ONLY difference between the Referral Tax liability & Capital Gains Tax liability is that the Social Security & Medicare Tax ARE due. I don�t have those tax rates. You just report the referrals as Capital Gains.
I will update this thread if I get different information from Dale. He has been a CPA since March 1973. I do trust what he is saying. He has been doing my taxes ever since I started working. He has done my parents taxes since 1981. If anyone has found out different information that what I have provide above please post & will call Dale & double check that part.
-Jason
------ Addition-----
Quote:
Originally Posted by eysirishg_3
So the taxes are based on what we withdraw? OR do we have to pay taxes on each upgrade we make?? The reason I bring this up, is because we are earning 1% each day on our level---but not necessarily being "paid" unless we withdraw...otherwise we upgrade. Does that make sense?
If I get 1 upgrade @ 12DP for $6. The ROI is 144%. You pay tax on the 44%. The 44% is the Capital Gain. You won't get the 44% in cash due to the E-Gold fees & exchanger's fees.
Example:
Quote:
$6 x 144% = $8.64 - $2.64 Capital Gain
E-Gold takes $0.25 cents fee. That leaves $8.39
Exchange fee $0.08 - AnyGoldNow charges 1% to exchange E-Gold into EMO Currency. That leave $8.31
Check Fee $2.00 - EMO charge for printing a check to deposite in bank account. That leaves $6.31
You report that example like this:
You had a Capital Gain of $2.64
You had a Capital Loss of $2.33
I am not sure about the form to be used. He handles that.
Your question about the tax form & line to report on....
On Form 1040 Line 21. The "other income" is for the following types of income:
Prizes and awards
Gambling winnings, including lotteries, raffles
Jury duty fees
Alaska Permanent Fund dividends
Rental Properties Income including houses, office buildings, & storage buildings, etc.
You report Capital Gains & Losses on Line 13 if using Form 1040.
I wouldn't report the Referral earning as so. I would report them as Capital Gains due to the tax liabilities. When you put in the $6 for the 1 upgrade & get 2 referrals of $10 each. You withdraw will be $28.64. Just report is like you gave them $6 & got $28.64 as the ROI.
Quote:
Originally Posted by DriverDan
Egold is actually another form of investment. My guess is that you may not have to pay taxes on the money until the gold is sold and you have real cash.
That is correct. I asked him & explained what E-Gold was again. He said just like if we were selling on eBay. We only report what monies are deposited in our Bank Account from PayPal as income.
Below is an example of how Dale wants me to keep track of this so he can understand it at tax time.
This is the link to the format that my CPA wants me to use so he can understand all this at tax time.
http://www.geocities.com/webstera17/12dp.gif
------ Addition-------
Quote:
Originally Posted by eysirishg_3
Let's say I get to $11K(StudioTraffic) next year...would this constitute a long-term gain? OR will I just enter one $11K as my initial investment against the monthly upgrades for another year and a second account, and this would leave me with a gain?
If you let money sit for 12 Consecutive months then it is a Long Term Capital Gain. You didn't say how long you had it in there. You don't need to report it until you withdraw the money into Cash. That mean after you exchange the E-Gold into cash then report it.
If you have a profit of $10k from ST in your E-Gold account & you put $5k back into ST & withdraw the other $5k into cash then you report the $5k you withdrawd. The other $5k will be reported when you withdaw it into cash
[/QUOTE]
Banking
Heres the bit about tripping banks for reports
Oden:
[QUOTE]
SAR for those who dont know is "Suspicious Activity Report", any activity deemed suspicious will result in a bank filing one of these. Along with SAR's you have also CTR, Currency (or cash) Transaction Report. These are used more by car dealers when a cusomter pays more than 10K they file a CTR.
Its not just a single amount (traditionally 10K) that will result in a SAR, the banks and feds are savvy at recognizing a pattern of banking activity designed to circumvent SARs and CTRs. They term this "stacking", whereby a bank customer makes small deposits of various amounts. If a fed or bank sees a lot of small deposits with funds from unknown sources you may still get a SAR filed on you. Its CASH deposits that attract the most attention, the funds are considered to come from an "unknown source".
Watched "The gang that couldn't spend straight" on Discovery channel the other week, the woman, an accomplice in a brinks robbery, was making cash deposits every week, always under 10K. Then she came in and asked the teller how much she could deposit without getting a SAR filed on her. Needless to say, the bank filed a SAR that day based on her activity and questions and the feds went on to crack the case.
[/QUOTE]
Rog:
[QUOTE]
Under the law, an SAR is triggered if the dollar amount involves at least $5000 in funds or other assets and the institution knows, suspects or has reason to suspect that the transaction involves:
* funds derived from illegal activity;
* attempts to evade any requirements under the Bank Secrecy Act; or
* no apparent business or lawful purpose or is not the sort of transaction in which the particular customer would normally be expected to be engaged in.
The SAR should be filed with FinCEN no later than 30 calendar days after the date of initial detection by the institution of facts that may form the basis for filing a SAR. If no suspect was identified on the date of the detection of the incident requiring the filing, an institution may delay their filing for an additional 30 calendar days to identify a suspect. In no case can an institution delay filing an SAR by more than 60 days after the date of initial detection of a reportable transaction. Finally, if the situation requires immediate attention, the institution is expected to notify appropriate law enforcement by telephone in addition to filing a SAR.
[/QUOTE]
DriverDan:
[QUOTE]
The bank can file a SAR for any amount. They are required to do it for $10k+ and will frequently do it for $3k+.
You are better off not breaking the law.
[/QUOTE]
As I posted earlier but will repost here for a better collection.
DriverDan:
[QUOTE]
Disclaimer: I am not a CPA, tax advisor, or attorney. Consult one before filing any taxes. I won't be held responsible for anyone following anything I say since it is provided as information only.
Since no one seems to know how US taxes work I figured I'd do some research.
First, EVERYONE in the US should read this: IRS Publication 550, Investment Income and Expenses It explains the differences between investment income sources. It's really easy to follow and very informative.
After reading that, I think I've figured out that most HYIP income is treated as interest payments. Any HYIP that pays a percentage rate of your deposit is paying you interest on investment property. Some HYIPs that use shares instead of payments are probably treated as capital gains (only when sold).
Interest is taxable as normal income. Interest that has been reinvested is still taxed. Interest that includes principal repayment would only be taxed on gains. Capital gains are taxed differently, depending upon your income and amount of gains.
Expenses can be deducted, up to a maximum of 2% of your investment return. Expenses include fees such as egold transfer fees, withdrawal fees, etc.
Losses can be deducted. This can be tricky to figure depending upon the investment type. Losses are typically limited to being deducted from the same type of income.
An interesting item to note is if you take a loan to make an investment the interest on the loan is deductable. Even if the loan is sitting in a non-interest bearing account the interest is deductable. Any loans that are used to pay for personal items can not have the interest deducted.
I will be consulting with an attorney and lawyer this week reguarding taxes and business structuring. I'll post my findings. Any feedback would be appreciated.
__________________
Disclaimer: I am not a CFA, CPA, lawyer or licensed in any way. Everything written here is my opinion and should be treated as such. I do not offer individual investment advise since that would be illegal.
----------addition------------
Quote:
Originally Posted by hype
I heard that the IRS doesn't recognize ecurrencies as any real currency.
Don't believe most of what you hear. That is completely false. When you exchange money into an ecurrency backed by something (such as gold) you are purchasing that medium as investment property. When you exchange money out you are selling that investment property. The price difference is reported as a gain or a loss.
Here's an example combining this and my above post about taxes. Remember, this is for information only.
On June 1st you purchased $1000 worth of eGold with an exchange rate of ~$416/oz. The exchanger charges you a fee of 2%. You receive $980 worth of gold (~2.3558 oz) and incur an eGold transaction fee of approx $0.67 (0.001608 oz). That leaves you with $979.33 worth of gold.
On June 17th you decided to sell your gold. The price rose to ~$437/oz, leaving you with $1028.77. You somehow manage to withdraw it without any fees. You are left with a profit of $28.77. You had paid a fee of $20 (2%) up front. 2% is the maximum you can deduct in fees, leaving you with a net profit of $8.77.
I hope that helps!
Anyone can feel free to correct me if I'm wrong.
[/QUOTE]
As for off-shore banking...
Heres the opinion of one offshore bank OWNER and such..[SIZE=7]
udachu
[QUOTE]
As the owner of several offshore corporations as well as Trading floors, trading resource services, and a very lucrative offshore fund please allow me to put my two cents in. There are many ways to protect your assets from people that would love to get them from you. I have found the cheapest and safest way to go to bed at night knowing that not only are my funds as well as my investors funds safe. Play by the rules. Pay your taxes. I am not saying that you need to give 40% of every dollar earned to the governement. Just keep investing. Money in a bank is as good as money under a pillow. A dollar will work harder for you than you would ever be able to work. I am a US citezen but I live in Panama. And I still pay that SOB Bush his share. That old hag Barbara saying those poor people that had their lives destroyed by Katrina are not all that bad off and probably living in better conditions than they were should be ***** slapped. I would love to see her spend a night in the slums of Cristobal where I just saw starving children in the street. An old woman with an amputated leg washing the wound in a mud puddle was something I will never forget. So go ahead Bush. Take your % and shove it up your ass. Pay unto Ceaser what is Ceasers right? But I can tell you that there is not a single day that goes by where I do not do everything I can for the people less fortunate. And believe me there areplenty of them. The fact that you have the means to read this says you are not one of them. So yes. By all means protect yourself. But sleep well knowing that you did your part. Maybe even a couple of bucks you pay in taxes will go towards helping someone. I suppose I am the biggest hypocrite of them all because I live in the most beautiful place in the world. Boquete Panama is not poverty stricken. But it is not to far away that people are suffering. And I challenge any one of you to get in your car and drive for two hours without finding suffering in your own country. I have been to most of them and they are every where. Not passing judgement. But do not try to do an offshore bank account where you have to provide nothing. Get a copy of the "Patriot" Act and read it. It applies to everyone. I am a US Army veteran and I used to say love it or get the hell out. Well those scum in Washington ruined my country so I did. But I will keep paying til the day I die. And I will still make more money and sleep like a baby. After all we put them there. So keep on investing in the "Get your sand off my oil" campaign until someone has the cojones to change it. Wish it were me but I just don't have it in me. Long story short. Aint now such animal as a non e mus any more. Look hard enough and you will find more ways to make money than you dreamed. But at least know who you are investing with. I hate when people join my udachufund and don't take the time to even ask me who I am. It is just plain stupid. Maybe I am crook. But for crying out loud stay away from thow two bit banks. You will get screwed. I promise. I even had a bank account close on me because someone sent me a wire from a Latvian Bank. Blah Blah Blah. Ok soap box broke. Time for me to shut up now.
Reply With Quote
-----addition-----
I have been following along this interesting road of inquiry. There are many things spoken of but it seems there are many things left out. I am curious (not asking. not my business) as to the reason people are so interested in having an offshore bank account. First of all it is very much a pain not to have the ability to walk into a bank and show them where they screwed up on your statement. If it is to defraud your government....Good luck. If it is to hide funds from creditors or legal issues. There are much easier ways than an offshore bank. Also a big question is the amount of funds you want to store. If yiu only want to store a couple of hundred thousand then stick it under your bed. No fees and chances are no one will know it is there. If it is a large amount of money then you should not want it sitting in a bank doing nothing to begin with. I am a US citizen. I live in Panama. I still have US bank accounts as well as ones in Panama. Dealing with US banks is a pain,. They are offshore to me. Panama banks are great. But very stringent. Which is good when it comes to my money. The easiest way to take large sums of money and make it yours but not really yours is through a legit corporation. You can open a corporation in Panama that has a law firm (be very careful when choosing) that will manage your corporation. They will have a pres, sec, etc etc. You get the bearer shares. No names on these. The corporation can buy land, open bank accounts, invest etc etc. But all you get is these little slips of paper called shares. But those happen to be worth whatever the corporation is worth. Forget trying to open a bank in another country unless it is as good as your neighborhood bank. Unless of course your neighborhood is down town Riga. But then you have bigger problems anyway. The process is not complicated. It is only made complicated by people with little bits of money trying to save little bits of money from little crooks on the internet calling themselves a bank. You can open your own bank in Vanatau for $500 if you want. Then start having people send you all there money to hide. Try looking for the most legit way to do things first and I promise you will see that it is much cheaper and much less of a headache. Just my two cents worth...But does anyone else wonder how much money these people are trying to hide? Their MOG profits maybe????
[/QUOTE]
Sith:
[QUOTE]
So,
"Sparbuch" is outdated,
Swiss Banks are not anonymous, they need a lot of ID-papers,
Banks from Former Yugoslavia are not trustworthy, such as banks from other non-EU countries...,
so the only way is to find a trustworthy bank from Latvia.
Obviously, they are not completely anonymous but they just only need a notarized copy of you passport to give you a numbered account. I don't know ofcourse their jurisdiction and if they have to "obay" strictly to EU-regulation & IRS.
Otherwise we have to look across Atlantic...
[/QUOTE]
PBovich:
[QUOTE]
By the newest LoyalBank rules, you have to show copies of invoices etc. in order to proof of source of your money at EVERY transaction, ANY amount of USD. This actually 'kills' LoyalBank as a good offshore bank.I doubt you'll find anonymous bank account as such. However, you can hide your income under another name. Yes, these are the offshore solutions.
[/QUOTE]
##########
However [SIZE=7]easy way out lol
TheMoneyMaker:
[QUOTE]
COME TO PANAMA!
Panama is considered a TAX HAVEN, because its territorial taxation system clearly states that income tax is levied only on income derived from operations within Panama. That�s why, panamanian business entities can be engaged in offshore activities without becoming liable for tax.
The Fiscal Code clearly states that the following activities won�t be subject to local taxes: profits of re-invoicing external goods or services; profits of operations directed for Panama but carried out externally and the distribution of dividends derived from external income. To be more specific, an entity performing both external and Panamanian business activities will only be taxed on the Panama derived income and is subject to withholding tax only on that income.
Also, interest on deposits within Panamanian Banks is exempt from taxation whatever the source of the cash.
There are no foreign exchange restrictions, so no approval is needed for the transfer of dividends, royalties, other profits or repatriation of capital. .
If you decide to use Panama as your Offshore Center, you will receive the following benefits:
No tax reporting requirements
No income tax
No capital gains tax
No interest income tax
No sales tax
No tax on issuance of corporate shares
No tax to shareholders
No stock sale or transfer tax
No capital stock tax
No property tax
No estate tax
No stamp tax No succession tax
No inventory tax
For more details visit www.platinumprosperity.com/index.php
[/QUOTE]
had to throw that last one in for kicks
There, now you got some information!
