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Author Topic: Corporate Accounts to receive mining profits ?  (Read 34 times)
mcptrman
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April 14, 2018, 04:35:24 PM
 #1

We want to open a corporate account so we can pay our U.S. Taxes.

I have a small crypto mining business with my brother, which we just recently
incorporated in U.S.

Since this is a joint venture, we cannot claim the proceeds from mining on any individual
account. We needed to create a separate account for our business,
which we want to link to our corporate bank account. From this account we will be able to
purchase more equipment in the future and keep our tax liabilities in the corporate account
where it belongs and pay our taxes.

Why are we having such a hard time setting up a corporate account to withdraw mining proceeds.

We have applications in with Coinbas(GDAX), Gemini, Uphold, Abra, Bitpay and I probably have left off a few.

Is anyone else having this issue or suggestions ? ? ?

TIA,
Ed, aka-mcptrman
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Slow death
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April 14, 2018, 11:29:39 PM
 #2

this is a bureaucratic matter and you should ask the bank or hire a lawyer to solve your problem, is easier this way because here you will not have the necessary advice to solve your problem. many people have the habit of asking questions here in the forum and forget that in real life they can seek better help. You can go in the mining section ( Mining support ) and ask that question, maybe they will have the answer, but my advice is seek advice from a lawyer and go to the banks to consult


mcptrman
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April 15, 2018, 02:50:46 AM
 #3

Thank Slow death,

Actually I posted this in the "mining section ( Mining support )" and a moderator moved it to this section.

My bank has no problem with my corporate account and having funds received from mining deposited. The problem lies into converting the crpto to U.S. dollars then having those funds deposited into a corporate account. I can deposit funds all day long into my personal account just not my corporate account.





this is a bureaucratic matter and you should ask the bank or hire a lawyer to solve your problem, is easier this way because here you will not have the necessary advice to solve your problem. many people have the habit of asking questions here in the forum and forget that in real life they can seek better help. You can go in the mining section ( Mining support ) and ask that question, maybe they will have the answer, but my advice is seek advice from a lawyer and go to the banks to consult


bitbunnny
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April 15, 2018, 06:16:11 PM
 #4

Thank Slow death,

Actually I posted this in the "mining section ( Mining support )" and a moderator moved it to this section.

My bank has no problem with my corporate account and having funds received from mining deposited. The problem lies into converting the crpto to U.S. dollars then having those funds deposited into a corporate account. I can deposit funds all day long into my personal account just not my corporate account.





this is a bureaucratic matter and you should ask the bank or hire a lawyer to solve your problem, is easier this way because here you will not have the necessary advice to solve your problem. many people have the habit of asking questions here in the forum and forget that in real life they can seek better help. You can go in the mining section ( Mining support ) and ask that question, maybe they will have the answer, but my advice is seek advice from a lawyer and go to the banks to consult



And what about taxes? This is also one of the fields you might have problems with. This mining profit is probably treated as an income and obliged for taxation.
Also if you will have often such deposits this still might rise some suspition in your bank and they might start to ask additional questions. When it comes to company accounts they are usualy much more strict. You should be prepared for such scenario also.

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Oilacris
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April 15, 2018, 08:34:31 PM
 #5

Thank Slow death,

Actually I posted this in the "mining section ( Mining support )" and a moderator moved it to this section.

My bank has no problem with my corporate account and having funds received from mining deposited. The problem lies into converting the crpto to U.S. dollars then having those funds deposited into a corporate account. I can deposit funds all day long into my personal account just not my corporate account.





this is a bureaucratic matter and you should ask the bank or hire a lawyer to solve your problem, is easier this way because here you will not have the necessary advice to solve your problem. many people have the habit of asking questions here in the forum and forget that in real life they can seek better help. You can go in the mining section ( Mining support ) and ask that question, maybe they will have the answer, but my advice is seek advice from a lawyer and go to the banks to consult



And what about taxes? This is also one of the fields you might have problems with. This mining profit is probably treated as an income and obliged for taxation.
Also if you will have often such deposits this still might rise some suspition in your bank and they might start to ask additional questions. When it comes to company accounts they are usualy much more strict. You should be prepared for such scenario also.
Possible and you should really be ready on that time because sooner or later you would really be asked because it would really caught to their attention on where those money came from.Lets say it might not really too big but when it comes to taxation some things cant really be excluded and as bitbunny said you should ready up for this scenario and on the suggestion above better seek a help into your local lawyer towards this matter.


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