3 ms·

https://flagtheory.com/stripe-atlas/ https://flagtheory.com/stripe-atlas/ >Besides the high rate of corporate taxation (one of the highest of all developed eco

https://flagtheory.com/stripe-atlas/ https://flagtheory.com/stripe-atlas/ >Besides the high rate of corporate taxation (one of the highest of all developed economies), the IRS tax code has huge penalties for noncompliance. For instance, if you intentionally disregard filing a bank reporting form (the FBAR), you’ll face serious penalties, including jail time, a $50,000 fine Were you required to file a bank reporting form and didn't over 2 years? (ie $100k ) ??

browsercoin 8y ago
holy shit....this was not explained to me at all.
- hackersword 8y ago
  https://corp.delaware.gov/paytaxes/ https://corp.delaware.gov/paytaxes/
- lj3 8y ago
  This is what tax attorneys are for. I know they're a lot more expensive than "nothing" but a good one is worth their weight in gold. Especially when it comes to crossing jurisdictions (US states or countries).
strig 8y ago
If he signed up in 2017 then he only missed one year of filings.
- hackersword 8y ago
  Not sure if this is relevant https://corp.delaware.gov/paytaxes/ https://corp.delaware.gov/paytaxes/ >Foreign Corporations must file an Annual Report with the Delaware Secretary of State on or before June 30 each year. (ie if he opened acct in Apr 2017, he'd have missed 2 filings by now)
  - strig 8y ago
    Oh, I see, that's good to know. I was thinking of tax-year filing.
lchengify 8y ago
I don't think this happens unless the bank account has enough of a balance. From irs.gov: United States persons are required to file an FBAR if: 1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and 2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. [1] You need to get an accountant. I work with a lot of accountants and have dealt with the IRS before, they are not some faceless org and will work with you. Ultimately, I think it's incredibly unlikely you owe 100k in back taxes on something with no revenue, but a good Accountant will understand the case law, tax code, and standard IRS procedures to help you through this. [1] https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe... EDIT: Updated information to most recent rather than 2014
- browsercoin 8y ago
  there was zero capital. nowhere near 10k

browsercoin 8y ago

holy shit....this was not explained to me at all.

hackersword 8y ago
https://corp.delaware.gov/paytaxes/ https://corp.delaware.gov/paytaxes/
lj3 8y ago
This is what tax attorneys are for. I know they're a lot more expensive than "nothing" but a good one is worth their weight in gold. Especially when it comes to crossing jurisdictions (US states or countries).

strig 8y ago

If he signed up in 2017 then he only missed one year of filings.

hackersword 8y ago
Not sure if this is relevant https://corp.delaware.gov/paytaxes/ https://corp.delaware.gov/paytaxes/ >Foreign Corporations must file an Annual Report with the Delaware Secretary of State on or before June 30 each year. (ie if he opened acct in Apr 2017, he'd have missed 2 filings by now)
- strig 8y ago
  Oh, I see, that's good to know. I was thinking of tax-year filing.

lchengify 8y ago

I don't think this happens unless the bank account has enough of a balance. From irs.gov: United States persons are required to file an FBAR if: 1. the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and 2. the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported. [1] You need to get an accountant. I work with a lot of accountants and have dealt with the IRS before, they are not some faceless org and will work with you. Ultimately, I think it's incredibly unlikely you owe 100k in back taxes on something with no revenue, but a good Accountant will understand the case law, tax code, and standard IRS procedures to help you through this. [1] https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe... EDIT: Updated information to most recent rather than 2014

browsercoin 8y ago
there was zero capital. nowhere near 10k