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Title: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: cuddaloreappu on September 25, 2014, 06:52:16 AM A Godzilla of money will flow into bitcoins
http://www.aicpa.org/publications/taxadviser/2014/may/pages/clinic-story-07.aspx Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: bl4kjaguar on September 25, 2014, 06:57:40 AM Can you explain why?
Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: homerjj on September 25, 2014, 07:13:28 AM yes, can you please explain? hahaha
Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: runam0k on September 25, 2014, 10:03:18 AM FATCA is having a real impact on American expats around the world -- and a lot of them are only now discovering what it means.
Beyond basic checking accounts, it's becoming very difficult for US citizens to gain or maintain access to financial services. Banks in other jurisdictions are closing the savings accounts, pensions accounts, etc of US citizens because of the reporting requirements (and risks involved if they fail to comply) inflicted by FATCA. FATCA requires financial institutions to provide financial information relating to US citizens to the US tax authority (the IRS) (or, if the relevant country has an agreement in place, to the local authority who will then provide the information to the IRS). If a bank fails to comply - on purpose or otherwise - institutions making payments to that bank are required to apply a withholding tax of 30%. If they do not, they are subject to the same withholding requirement further up the chain, and so on. In short, lots of Americans have not been filing proper tax returns and now the IRS is going to learn about all their bank accounts, etc and hammer them. Unless they can hide their money. Switzerland used to be the answer, but FATCA and a number of other initiatives mean that is no longer the case. Some may choose to give up their citizenship. Others may hear about Bitcoin in time. http://www.theguardian.com/money/2014/sep/24/americans-chased-by-irs-give-up-citizenship-after-being-forced-out-of-bank-accounts Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: Soros Shorts on September 25, 2014, 10:37:07 AM I've had foreign brokerage accounts closed out on me last year due to FATCA reporting requirements. I had them for years primarily to gain access to Asian securities that for whatever reason were not approved by the SEC for trading by US investors. I've always self-reported activity related to those accounts on my tax returns so I have no issues with the IRS. For my purposes, the money that was in those accounts would not be going into Bitcoin as I already have enough BTC for my needs.
Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: runam0k on September 25, 2014, 10:44:39 AM I've had foreign brokerage accounts closed out on me last year due to FATCA reporting requirements. I had them for years primarily to gain access to Asian securities that for whatever reason were not approved by the SEC for trading by US investors. I've always self-reported activity related to those accounts on my tax returns so I have no issues with the IRS. For my purposes, the money that was in those accounts would not be going into Bitcoin as I already have enough BTC for my needs. Nothing to see here bitcointalk monitoring IRS agent, move along. ;DTitle: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: V8x8d on September 25, 2014, 11:52:34 AM FATCA is having a real impact on American expats around the world -- and a lot of them are only now discovering what it means. Beyond basic checking accounts, it's becoming very difficult for US citizens to gain or maintain access to financial services. Banks in other jurisdictions are closing the savings accounts, pensions accounts, etc of US citizens because of the reporting requirements (and risks involved if they fail to comply) inflicted by FATCA. FATCA requires financial institutions to provide financial information relating to US citizens to the US tax authority (the IRS) (or, if the relevant country has an agreement in place, to the local authority who will then provide the information to the IRS). If a bank fails to comply - on purpose or otherwise - institutions making payments to that bank are required to apply a withholding tax of 30%. If they do not, they are subject to the same withholding requirement further up the chain, and so on. In short, lots of Americans have not been filing proper tax returns and now the IRS is going to learn about all their bank accounts, etc and hammer them. Unless they can hide their money. Switzerland used to be the answer, but FATCA and a number of other initiatives mean that is no longer the case. Some may choose to give up their citizenship. Others may hear about Bitcoin in time. http://www.theguardian.com/money/2014/sep/24/americans-chased-by-irs-give-up-citizenship-after-being-forced-out-of-bank-accounts If you can afford to renounce your US citizenship. The cost of getting rid of US citizenship has quadrupled to $2350, up from $450. Apparently necessary to cover the real cost of processing an application to lose citizenship. In addition, US citizens have to prove they’ve been paying tax for five years and if you are worth more than $2 million or if you’ve been paying income tax of $157,000 or more then you have to pay an exit tax. Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: gmx95 on September 30, 2014, 08:10:54 AM I would not be so excited. Majority of people do not know what bitcoin is and if they decide to dodge taxes or regulations, they will do it in some way that does not necessarily involve bitcoin.
Title: Re: Will Fatca ( Foreign Account Tax Compliance Act) make bitcoin go to millions per coin! Post by: 2dogs on October 05, 2014, 06:32:00 PM I would not be so excited. Majority of people do not know what bitcoin is and if they decide to dodge taxes or regulations, they will do it in some way that does not necessarily involve bitcoin. Along these same lines, I'm hearing the conversion is going into silver or diamonds. Not BTC, as OP mentions. |