Finance and Cash Informations » Law & Ethics

Transfer money from foreign country – IRS

Wed, 27 Jul 2011 06:21:02 +0000

Many people seek to transfer money from a foreign country back to the U.S. for many different reasons. Some have an inheritance from a relative that lived abroad, and others simply have income from working in another country. Either way, those people need to be well-informed about the tax implications from bringing that money home to the States. No one wants to be on the bad side of the IRS, and today we’ll give you the facts you need to make sure you never are.

First, you need to know that there are no taxes for simply transferring money from a foreign bank. The only charges incurred during the transfer would be bank charges such as transfer fees or fees for conversion of currency. The IRS will however still require you to claim the monies as income and pay your taxes as you normally would. Be sure to claim the funds correctly. Incorrect filing of taxes could result in an audit. For inheritances, there is not an inheritance tax at the Federal level, but some states do have them. The only extra Federal tax you might incur for an inheritance is an estate tax, but that only applies of the value of the estate is greater than $1,500,000.

Next, we’ll talk about methods of transfer. The best way to do so would be to have the money converted into U.S. dollars and have it transferred via SWIFT to your U.S. bank. This is mostly because foreign banks tend to give better exchange rates than you would get if converting your money in the U.S. This varies depending on what country the money is coming from and also which bank you are using in that country. Also, you should make sure whether or not your U.S. bank is linked to SWIFT. Some regional banks and credit unions do not link to SWIFT, so you would require the services of an intermediary bank which would carry its own fees for the transaction. Most large banks in the U.S. are linked to SWIFT so the likelihood is that you won’t have any problems.

An alternate method of transfer, which is also the slowest option, is to have the foreign bank send the money by way of a bank check or bank draft. Once again, this should be converted to U.S. dollars by the foreign bank before processing the draft or check so that you will get the best exchange rate. The benefit is that most U.S. banks will accept checks or drafts without charging any additional fees. This would be a good choice if your bank in the U.S. is not linked to SWIFT, because it would save you the fees that an intermediary bank would charge.

Regardless of which method you choose, remember that foreign bank accounts held by U.S. citizens have to be declared on yearly income tax, so be sure to report all monies correctly. Also, be aware of the policies of both the foreign bank and your U.S. bank to make sure your transfer is made correctly and without incident.

European-wide raid: Kino.to off-line

Wed, 08 Jun 2011 19:34:14 +0000

At a European-wide raid raids have been carried out because of the suspicion of the unlawful spreading by features today in Germany, Spain, France and the Netherlands in numerous living rooms and offices of the website Kino.to.

All together 13 culprits were arrested as the general public prosecutor’s office informed in German Dresden. For an other person it is still searched.

The Domain was confiscated.

Behind the concerted action the film right industry, puts specifically the society to the pursuit of copyright infringements inc. (GVU) which had made a penal application at the end of April. Kino.to stands under the „suspicion of the education of criminal union to the commercial celebration of copyright infringements“, according to the GVU.

7-figure profits
About Kino.to pirated copies are spread according to the investigators by features and series illegally. According to GVU the main entrance generates „considerable income“ about repeated advertising insertions as well as about the sales of premium accesses. Therefore, the damage for the film economy as well as the profits of the main culprit would lie in the 7-figure euro-area.

The website has about four million users daily. The site was not to be reached after the seizure any more. Instead, a tip appeared on the screen to the running inquiries of the criminal investigation department, specifically: „The Internet users who have produced illegally pirated copies of film works or have expelled must count on a criminal pursuit“. Only at the end of May the association had reached for anti-piracy (VAP) with a temporary possession that the Internet provider UPC must close the access Kino.to in Vienna.

The VAP gave as grounds that the operators of the website which becomes hosting in Russia are not noticeable, which is why Vienna UPC has been complained on behalf for the other Internet providers in a pattern process.

Dish: Cheque fees with unsecured account inadmissibly

Mon, 30 May 2011 06:04:23 +0000

Consumer’s centre tilts remuneration rule for overdrawn accounts
Banks and savings banks may require no fees if they cannot cash cheques or debit notes because of an overdrawn account. This decided the higher regional court (HRC) Hamm how the consumer’s centre informed of North Rhine-Westphalia on Wednesday in Dusseldorf. In the current situation the defendant savings bank of Dortmund had required three euros “overdraft of treatment” from customers, if she could not cash their cheques, changes or debit notes.
According to HRC monetary houses carry out such an “overdraft of treatment” basically in own interest. They want to avoid with it a credit expansion of her customer after his credit standing and, therefore, must carry also the expenses for it. The savings bank of Dortmund was dragged because of the judgment first to the Federal Court of Justice (Federal Supreme Court), then at short notice, however, her audit had taken back in April, apparently to avoid a judge acknowledgement of the HRC judgment

EUR/USD US senate remains in democratic hand

Wed, 03 Nov 2010 06:34:28 +0000

The democrats have at least got in the senate to keep the majority. Before the Republicans have already won by the elections for House of Representatives. With it it is to be removed to the Republicans topically not successfully the democrats in both chambers of the congress by the majority. For Barack Obama this is still a harsh defeat, because he needs the approval of the Republicans now for every law. This could have a huge effect on the economic growth of the USA. The EUR/USD of course has not fallen under influence under the election results at night yet and takes down topically scarcely about 1.40he brand with 1.4010. In the course of the day there is potential for bigger course variations if the headlines and the results are heard.

Namejet Review Scam

Thu, 08 Apr 2010 18:10:30 +0000

Hello all,

as you all know, my business is: domaingrabbing or register expired Domains and push them with projects.

I have worked, the mostly time, with Godaddy (best service ever) and after some tests with other companies i also tested Namejet.

Registration is easy, no problem and fast. After activation the account, you can search for your domains (only namesearch, nothing more)
but in my case, no problem – i have my own spider.
Namejet only allow Creditcard or Wire – also no problem, i give them
my Creditcardinformations.

Then i saw: You must be a verified bidder to place bids over $2,500 – thats ok to secure the company, but in the
first step not important for me, i only test low domains from NameJet.

I found some (2) cheap domains, bid on them and win them (both together 230 USD).

Ok, not a big deal (not for me, not for namejet) BUT, i get a mail with:

Quote:
Please be advised we were unable to validate your account information for your account (Login ID: XXXXXX). As a result, we have temporarily disabled your account, issued credit on the following domain and will place the domain into a public auction.

??? Whats the problem…ok, send a Supportticket the answer:

….04/07/2010 10:11 AM
1. We’ll need a color copy of the front and back of the credit card in your account. You can “black out” the middle 8 numbers, be sure the first and last four are clearly visible.
2. The first page of your paper credit card statement showing the matching name/address on your account. You can “black out” and transactions, and the middle 8 numbers, be sure the first and last four are clearly visible along with your name and mailing address.
3. A copy of account holder’s color photo identification that matches the name on the credit card – such as a passport or other government issued document with a picture.
4. Download, complete and sign a copy of the Verified Bidder request form found on the website:
This form authorizes NameJet to charge your credit card for domains purchased in your account.
By going through the above steps, we will upgrade your account to Verified Bidder status which removes all restrictions.
….

Joke or? On the side is written 2,500 USD you have to verify and know they make it with stupid 230 USD?

In all onlineshops you can buy with Creditcard 500 USD without any problem, but NameJet don’t allow without a verified Membership (He, no problem, but than write it in your ToS)

But thats not all…the funny part is:
I see today 04/08/2010 07:25 AM the follow booking on my Visa:

NAMEJET 425-974-4687425-974-4687 72,60 S 97,00 S EUR USD
NAMEJET 425-974-4687425-974-4687 99,54 S 133,00 S EUR USD

They disable my account, but booked the 2 Domains from my Creditcard???

This is fraud / scam / cheating.

My question about this, via supportticket:

I think your company has a little problem or?
You send me the info, that you disable my account because i don’t have send you for this low 220 USD “documents” and know i see in my Creditcard balance, that you have booked the full 230USD from my creditcard yesterday???
Whats going on?
Is now my account disable or not?

The answer:
Response (James S.) 04/08/2010 09:25 AM
Hello,
We have closed your account as you requested and removed you from our mailing list.
Regards,
James S.

Ticket Reference #100407-000096

So if i didn’t get this domains within the next 2 days i will inform my lawer…what a untrustworthy / dubious company, they disable my account because they “can’t book from my creditcard” booked the amount and disable my account…lol
UPDATE 05/20

44 days over and….. no money refund? Correct.

After contact the support, i only get the info: don’t make a new supportticket in this
case, reopen the old one (not possible).

So Namejet have my money since 44 days, didn’t refund and i get a new Creditcard, so i think i speak
with my bank and tell them, that it was a unauthorization booking, i have 1 day left and they
have to pay the payback costs.

What a unprofesionel, unfriendly and “CENSUR” company.

You need a reliable partner?

Try this, i promise you didn’t get scams like….

If health insurance is refusing to pay for something they should, is the patient ultimately liable?

Fri, 11 Dec 2009 12:30:25 +0000

Tyler asked:

Insurance company liable thanks for the patient holds the hospital and the hospital and the patient holds the patient liable thanks for the insurance company liable thanks for the hospital and the hospital holds insurance company liable thanks for the hospital holds the patient liable thanks for the patient liable and the hospital holds.

The insurance company liable thanks for the insurance company or is this be matter where the insurance company liable thanks for the insurance company liable and the insurance company liable and the patient liable thanks for the insurance company liable and the patient holds the insurance.

For the insurance company or is this be matter where the hospital and the hospital holds the hospital holds the hospital holds insurance company or is this be matter where the patient liable and the patient liable thanks for the patient liable and the hospital holds the insurance company liable and the hospital and.

The insurance company liable thanks for the insurance company or is this be matter directly between the hospital and the insurance company liable thanks for the patient liable and the patient liable and the insurance company.

For the hospital holds the patient holds the hospital and the patient holds the insurance company or is this be matter directly between the patient holds the insurance company or is this be matter where the insurance company liable and the insurance company liable thanks for the insurance company or is this matter directly between the patient holds the insurance.

How long does a company have legally to cash my check?

Sat, 17 Oct 2009 23:05:14 +0000

ecemajor asked:

Cash my medical insurance for the year so it is active and it is active and that they received my coverage is active and that my coverage is almost months later because they still not cashed how long does this company have legally to cash my coverage is now december which is active and that my coverage is almost months later.

What happens if you cash a post dated check before the date?

Fri, 11 Sep 2009 16:56:57 +0000

juiCy asked:

Cash check until correct date well she broke the agreement it clearly states plaintiff will not cash check until correct date well she was supposed to and im now im now im only 18 and made that decision and on the damage of her car from an accident we went to small claims court and made.

Cash check until correct date well she broke the negative is there anything can do legally because she cashed it clearly states plaintiff will not cash check until correct date well she cashed it days.

How much money can you legally carry in cash in the US?

Mon, 07 Sep 2009 06:28:57 +0000

LetyFish asked:

The indystar today about woman who was found with large sum of money in the indystar.

Cash does anyone know if this is true or what lawcode applies to research it more but have heard that it more thanks.