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Artitech
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It’s come to my Attention the IRS has just come out with new foreign currency code of 20% taxes on foreign currency exchanges windfalls. Also has anyone heard from treasury  calling their customers wanting SS#’s for anyone holding more than 10 million? There are other requirements for IRS!! I may have to reverse edict on possible RV this year. This is big News if true!

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21 hours ago, Artitech said:

It’s come to my Attention the IRS has just come out with new foreign currency code of 20% taxes on foreign currency exchanges windfalls. Also has anyone heard from treasury calling their customers wanting SS#’s for anyone holding more than 10 million? There are other requirements for IRS!! I may have to reverse edict on possible RV this year. This is big News if true!

 

God, I hope it's true!

When you say it has come to your attention, Artitech, how reliable do you feel the source is?  Can you elaborate on the source, just a little, without saying too much?

 

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34 minutes ago, Floridian said:

 

God, I hope it's true!

When you say it has come to your attention, Artitech, how reliable do you feel the source is?  Can you elaborate on the source, just a little, without saying too much?

 

Very reliable, seems easy to verifiy by going to IRS publications, I dont know about treasury vault. I know we have memebers who have done business with them.That is the reason I mention it. I was wanting feed back from DV'ers that have bought from treasury vault!! :salute:

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Lol - Here’s An Article About It From June By Michael Cohn ! :o 

 

:D  :D  :D 

 

 

 

IRS plans to further delay foreign currency tax rules

 
 

The Internal Revenue Service and the Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, delaying the applicability date by one more year.

Last October, the IRS and the Treasury issued Notice 2017-57, which previously delayed the applicability date by one year, and in Notice 2018-57, which came out Wednesday they said they were delaying the regulations by another year.

The final regulations were originally issued in December 2016, in the waning days of the Obama administration, changing how a U.S. company can measure the taxable income of a foreign business unit where the currency differs from its U.S. owner.

The regulations were supposed to take effect Dec. 7, 2016, but they were among eight tax regulations that were identified in a July 2017 notice as ones that would be re-evaluated in accordance with an executive order signed by President Trump in the early days of his administration aimed at reducing burdensome federal regulations.

 

As part of that review, the Treasury Department and the IRS said they are considering changes to the final regulations that would allow taxpayers to elect to apply alternative rules for transitioning to the final regulations and alternative rules for determining a section 987 gain or loss. 

The Treasury Department and the IRS intend to amend the tax code so the final regulations and the related temporary regulations will apply to taxable years beginning on or after the date that is three years after the first day of the first taxable year following Dec. 7, 2016.

IRS headquarters in Washington, D.C.

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.
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13 minutes ago, DinarThug said:

Lol - Here’s An Article About It From June By Michael Cohn ! :o 

 

:D  :D  :D 

 

 

 

IRS plans to further delay foreign currency tax rules

 

 

Thanks, Thug, but this has to do with 
"changing how a U.S. company can measure the taxable income of a foreign business unit where the currency differs from its U.S. owner.",

not currency investments.  

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24 minutes ago, Artitech said:

Very reliable, seems easy to verifiy by going to IRS publications, I dont know about treasury vault. I know we have memebers who have done business with them.That is the reason I mention it. I was wanting feed back from DV'ers that have bought from treasury vault!! :salute:

 

IRS Publications only talks about if you earn income in foreign currency, as in business:

 

https://www.irs.gov/individuals/international-taxpayers/foreign-currency-and-currency-exchange-rates

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5 minutes ago, Floridian said:

not currency investments.  

 

25 minutes ago, DinarThug said:

The Internal Revenue Service and the Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, 

 

Lol - Reread The First Line ! ;) 

 

 

 

And FYI - Many People Here In VIP Have Already Set Up An Offshore International Corporation In Advance To Maximize Options And Flexibility ! :o 

 

:D  :D  :D 

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2 hours ago, one2one said:

how can the I.R.S. prove what i actually paid for my IQD or when i bought it ?

If you bought your Dinar through one the dealers CV or what ever Ali was calling his company there is a paper trail of how much you bought and what you paid for it I would think since they were licensed to sell it! JMHO 

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Luigi plans on setting 50% aside for taxes purposes until the IRS dust finally settles.

The 20% rule for now, could change a dozen times before we file.

Don't cut yourself short or open yourself up to an audit or tax evasion charges.

Be prepared. Be diligent. Do your homework. Don't blow your tax funds. IMO.

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1-2-1 and Artitech, I bought my first dinar from Wells Fargo and 2nd round from a dealer. Both asked for all my detail like SS# etc for tax purposes. I have a receipt of date, how much etc purchased. I asked why since was a currency exchange and was told in event of RV, IRS wanted it's share of taxes. 

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19 hours ago, DinarThug said:

 

 

Lol - Reread The First Line ! ;) 

 

 

 

And FYI - Many People Here In VIP Have Already Set Up An Offshore International Corporation In Advance To Maximize Options And Flexibility ! :o 

 

:D  :D  :D 

The Internal Revenue Service and the Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, delaying the applicability date by one more year.

Last October, the IRS and the Treasury issued Notice 2017-57, which previously delayed the applicability date by one year, and in Notice 2018-57, which came out Wednesday they said they were delaying the regulations by another year.

The final regulations were originally issued in December 2016, in the waning days of the Obama administration, changing how a U.S. company can measure the taxable income of a foreign business unit where the currency differs from its U.S. owner.

 

I believe that the first sentence is just a brief introduction of the issue, and that the following sentences expand on the details.  Those details explain that this is for US corporations (not an offshore corporation) that have a "foreign business unit" which transacts business in a different currency (non-USD).  The article is talking about changing the regulations on the gains and losses from fluctuations in that foreign currency.  Therefore I believe Floridian is correct that this article doesn't apply to us.  Furthermore, for those with IBCs (OSI members and others), as long as those corporations do NOT conduct business in the US, that income is not subject to US taxes.....  that was the whole point of getting an offshore corporation in the first place. 

 

I just hope Airtitech was talking about something entirely different than this article.  I did go to the IRS Regulations website to try to look it up, but there's a big warning that the site is not current (no suprise really, eh?).  So if anyone else can find something in the recent news, maybe this 20% windfall tax could be real.  Let's not forget Trump believes that by lowering taxes and giving the masses more money - they will be more productive which is how he plans to "make America great again".  So I for one, would not be suprised at all if something like this is in the works.  

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Thanks for all the great thoughts here so far! I sure hope that the 20% is for real or in the works. I have mentally braced for at least 50%... all set up with OSI and Corp VIP to shield as much as possible from the long arm, however I want to sleep at night. I went through an audit this year and it sucks. I cut them a check. It sucked..... My audit was due to my sales miles that I drove for my company. If you don’t do it exactly like they want it... you’re toast. 

 

Anyway, I do agree with Kristi D that Trump MAGA plan involves giving the middle class more purchasing power to fund the consumer economy..... that coupled with the rumor that the US Treasury has 5T Dinar and the rumor that Trump May end the Fed or at least amend it, there could be a much bigger play here in the works behind the scenes!

 

Plan for the worst, Hope for the Best

 

Come on RV!!!! 

 

I’d love to be dealing with these issues on my 2018 Tax returns :) 

Edited by NEPatriotsFan1
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Seems like I remember in Adam's Cash In Guide that he alluded to the possibility of a windfall tax IN ADDITION to regular taxes.  I need to go back and reread that.  That would make this 20% a real bummer, if true.  I agree with Kristi in that I don't think this article applies to us and that I believe Trump is for lower taxes.  All in all, we need to be prepared for some unexpected bumps in the exchange process.

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Good post Shedagal.  When I was buying my Dinar stash I was counting on a windfall tax similar to like a lotto winner.  I also read somewhere about a possible tax as high as 70%.  I don’t think we will get either of those but I bought enough Dinar that if it did happen I would still get a good pay day.  I’ve planned for all contingencies and no matter what happens I see this investment as a true Blessing once /if it ever goes down. If not in my lifetime then my hires should do real good!!

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3 hours ago, Shedagal said:

Seems like I remember in Adam's Cash In Guide that he alluded to the possibility of a windfall tax IN ADDITION to regular taxes.  I need to go back and reread that.  That would make this 20% a real bummer, if true.  I agree with Kristi in that I don't think this article applies to us and that I believe Trump is for lower taxes.  All in all, we need to be prepared for some unexpected bumps in the exchange process.

 

Now how can this be a "windfall" when I've been waiting 8 years, reading, studying, following - and others have been doing the same for up to 15 years?

If they dare try to claim it's a "windfall", I'll fight it tooth and nail.  😂

 

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10 hours ago, KristiD said:

The Internal Revenue Service and the Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, delaying the applicability date by one more year.

Last October, the IRS and the Treasury issued Notice 2017-57, which previously delayed the applicability date by one year, and in Notice 2018-57, which came out Wednesday they said they were delaying the regulations by another year.

The final regulations were originally issued in December 2016, in the waning days of the Obama administration, changing how a U.S. company can measure the taxable income of a foreign business unit where the currency differs from its U.S. owner.

 

I believe that the first sentence is just a brief introduction of the issue, and that the following sentences expand on the details.  Those details explain that this is for US corporations (not an offshore corporation) that have a "foreign business unit" which transacts business in a different currency (non-USD).  The article is talking about changing the regulations on the gains and losses from fluctuations in that foreign currency.  Therefore I believe Floridian is correct that this article doesn't apply to us.  Furthermore, for those with IBCs (OSI members and others), as long as those corporations do NOT conduct business in the US, that income is not subject to US taxes.....  that was the whole point of getting an offshore corporation in the first place. 

 

I just hope Airtitech was talking about something entirely different than this article.  I did go to the IRS Regulations website to try to look it up, but there's a big warning that the site is not current (no suprise really, eh?).  So if anyone else can find something in the recent news, maybe this 20% windfall tax could be real.  Let's not forget Trump believes that by lowering taxes and giving the masses more money - they will be more productive which is how he plans to "make America great again".  So I for one, would not be suprised at all if something like this is in the works.  

I have seen with my own eyes what appears to be official Irs paperwork with the 20% tax rate with any gains over $200.00 must be reported. We have to remember in the age of computer any paperwork can be forged. The  one reason I reported this, DV has the best news hounds as far as this investment goes! We will find out if B.S. or not! JMHO 

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21 hours ago, NEPatriotsFan1 said:

. My audit was due to my sales miles that I drove for my company. If you don’t do it exactly like they want it... you’re toast. 

 

I just took a sales position.  I’m driving a lot of miles.  I’m using Mile IQ.

Any advice? Do I have to name every trip?

 Thanks!

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1 hour ago, gregp said:

 

I just took a sales position.  I’m driving a lot of miles.  I’m using Mile IQ.

Any advice? Do I have to name every trip?

 Thanks!

I drove 48k miles, I only claimed 26,500 or so miles and I didn’t keep great records, so I tried to claim less than I drove so I wouldn’t get audited. I went from driving no miles the prior year to 48k the next. 

 

The IRS in the official Audit letter stated they wanted:

 

The name of the Customer

Address of the Customer

Reason for Visit

beginning mileage that day (your commute)

ending mileage 

 

There may have been a couple other things. 

They state that if it is not in that format they don’t need to accept it. I looked into MileIQ app but IRS make it so laborious that no one does it the correct way per their stipulations. 

 

mile iq keeps track of miles but doesn’t provide customer name address.... plus that’s such a pain in the @$$.... makes my day harder.... I go to 3-4 cities a day and appts change last minute all the time for me so I’ve just opted to not claim the miles in the future because I’m red flagged now....

 

your chance of getting audited is slim slim but unfortunately I was the “winner winner chicken dinner” on the audit list this year. 

 

Im just hoping they don’t open up an inquiry into subsequent years. I wrote them a check for 5k and didn’t dispute their claim because I couldn’t give them every detail they asked for. I have two more years with miles like that they didn’t investigate. The miles are all legit. I’m a 100% commission sales rep. Company doesn’t pay me gas or mileage reimbursement so it all truly comes out of my pocket..... I just don’t want them breathing down my back. It ain’t worth the 5k personally. 

 

Hope this helps.... little long of a rant :) 

 

 

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