foreign earned income exclusion
05-24-2015, 03:07 AM
#21
Gets Weekends Off
Joined APC: Mar 2007
Posts: 1,067
Originally Posted by airspeed1974
While that's true about FATCA the IRS is not going to know how much you have in your account nor will they know you even have an account. All FBAR really does is try to scare taxpayers. The govt of China is not going to contact the IRS and even if the IRS was to ask I highly doubt they would even say as many accounts for employees here are opened by the company so the expat is technically not the owner.
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
There is a lot of information out there about this. The bottom line is you are now playing with fire if you fail to report overseas accounts. And by playing with fire I mean losing all of your money and heading off to federal prison. Try hiding your money at your own risk...
PS - even if you are not the owner of the account, if you have any sort of signatory authority on the account, you must file a FBAR.
China Agrees to FATCA Compliance - China Briefing News
Hong Kong Banks Shut Down U.S. Accounts Rather Than Deal with FATCA - China Briefing News
Rich Chinese in Reach of New U.S. Tax Law Fatca - WSJ
10 Facts About FATCA, America's Manifest Destiny Law Changing Banking Worldwide - Forbes
FBAR Penalties | Failure to File
https://americansabroad.org/files/75...2/sheppar6.pdf
Last edited by NEDude; 05-24-2015 at 03:19 AM.
05-24-2015, 04:00 AM
#22
Gets Weekends Off
Joined APC: Mar 2007
Posts: 1,067
Oh, and here is another little nugget that is in the works. A bill sponsored by Orin Hatch which would revoke your passport if you owe more than $50,000 to the IRS has just passed the Senate. So if you work overseas and suddenly the IRS finds out about your hidden accounts, with the penalties you would be hit with for a wilful failure to report, even if you do not go to prison you can say goodbye to your career as your ability to travel overseas could be revoked. Given the ferocity that Obama has in going after foreign tax cheats the odds are pretty high he would sign this bill if it gets through the House. Better hope you have another passport handy so you can continue working. Of course another ATPL would be good to have as well since by law the US can also revoke any federal licenses if you have significant past due taxes.
05-24-2015, 04:23 AM
#23
Gets Weekends Off
Joined APC: Dec 2007
Position: 747 captain
Posts: 1,549
The latest posts contain by far the most dangerous so called "advice" that I have seen anyone post on any pilot ***** board...!
I reiterate my recommendation that in terms of taxes, stay far away from the pilots rumor mills and discuss these issues with a tax attorney that specializes in foreign income.
I reiterate my recommendation that in terms of taxes, stay far away from the pilots rumor mills and discuss these issues with a tax attorney that specializes in foreign income.
05-24-2015, 05:41 AM
#24
Gets Weekends Off
Joined APC: Mar 2007
Posts: 1,067
Originally Posted by The Dominican
The latest posts contain by far the most dangerous so called "advice" that I have seen anyone post on any pilot ***** board...!
I reiterate my recommendation that in terms of taxes, stay far away from the pilots rumor mills and discuss these issues with a tax attorney that specializes in foreign income.
I reiterate my recommendation that in terms of taxes, stay far away from the pilots rumor mills and discuss these issues with a tax attorney that specializes in foreign income.
Last edited by NEDude; 05-24-2015 at 06:09 AM.
05-24-2015, 06:48 AM
#25
Gets Weekends Off
Joined APC: Dec 2007
Position: 747 captain
Posts: 1,549
Originally Posted by NEDude
I hope you are not referring to my posts. I don't think there is anything dangerous about making people aware of the laws and the potential penalties for trying to cheat the laws.
05-24-2015, 04:10 PM
#26
Gets Weekends Off
Joined APC: May 2013
Position: CEO
Posts: 193
Originally Posted by airspeed1974
While that's true about FATCA the IRS is not going to know how much you have in your account nor will they know you even have an account. All FBAR really does is try to scare taxpayers. The govt of China is not going to contact the IRS and even if the IRS was to ask I highly doubt they would even say as many accounts for employees here are opened by the company so the expat is technically not the owner.
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
05-24-2015, 07:57 PM
#27
Banned
Joined APC: Nov 2014
Posts: 309
I find this very interesting because the guy I use for accounting has plenty of pilots from the ME big 3 carriers and never once have they gotten audited.
Just because he US put these bills into place does not mean that they will always find out. It costs money to monitor people, trust me on this.
Even if they know about your account they will not know how much you have in it. And I highly doubt that bill will get passed about the passport. If it does then say goodbye to the constitution as well.
I don't know why anyone should or would be afraid of the IRS. I have deposited amounts well in excess of 50K, as well as depositing less then 10K many times (structuring right?)
Reporting is fine. Worrying is not. Plus with a decent lawyer I think that this crap about international waters can be beaten
Just because he US put these bills into place does not mean that they will always find out. It costs money to monitor people, trust me on this.
Even if they know about your account they will not know how much you have in it. And I highly doubt that bill will get passed about the passport. If it does then say goodbye to the constitution as well.
I don't know why anyone should or would be afraid of the IRS. I have deposited amounts well in excess of 50K, as well as depositing less then 10K many times (structuring right?)
Reporting is fine. Worrying is not. Plus with a decent lawyer I think that this crap about international waters can be beaten
05-25-2015, 07:00 PM
#28
Don't say Guppy
Joined APC: Dec 2010
Position: Guppy driver
Posts: 1,926
Originally Posted by airspeed1974
While that's true about FATCA the IRS is not going to know how much you have in your account nor will they know you even have an account. All FBAR really does is try to scare taxpayers. The govt of China is not going to contact the IRS and even if the IRS was to ask I highly doubt they would even say as many accounts for employees here are opened by the company so the expat is technically not the owner.
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
While one should file about these accounts you don't need to worry about them knowing how much. The mayors property was too public. Stay quiet is the best way
I am on my second audit which I should win easily, again. I agree that the international water thing could be successfully fought, but good lawyers cost good money. Only somebody who owes a lot will pay to fight it, and while you are fighting it, your balance due to the IRS grows at 40% per year, plus whatever you are paying the lawyer.
Not my fight, but it affects where I will choose to work next. I will stick to narrow body domestic..
05-26-2015, 02:57 AM
#30
Line Holder
Joined APC: Nov 2013
Position: MD-80 Captain
Posts: 48
Originally Posted by airspeed1974
I find this very interesting because the guy I use for accounting has plenty of pilots from the ME big 3 carriers and never once have they gotten audited.
Just because he US put these bills into place does not mean that they will always find out. It costs money to monitor people, trust me on this.
Even if they know about your account they will not know how much you have in it. And I highly doubt that bill will get passed about the passport. If it does then say goodbye to the constitution as well.
I don't know why anyone should or would be afraid of the IRS. I have deposited amounts well in excess of 50K, as well as depositing less then 10K many times (structuring right?)
Reporting is fine. Worrying is not. Plus with a decent lawyer I think that this crap about international waters can be beaten
Just because he US put these bills into place does not mean that they will always find out. It costs money to monitor people, trust me on this.
Even if they know about your account they will not know how much you have in it. And I highly doubt that bill will get passed about the passport. If it does then say goodbye to the constitution as well.
I don't know why anyone should or would be afraid of the IRS. I have deposited amounts well in excess of 50K, as well as depositing less then 10K many times (structuring right?)
Reporting is fine. Worrying is not. Plus with a decent lawyer I think that this crap about international waters can be beaten
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