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U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?

 
Anonymous Coward
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11/11/2012 03:13 PM
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U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country withhold 30 percent of the amount of such payment and remit that percentage to the Internal Revenue Service (IRS) as a tax.

A withholdable payment is defined as any payment of interest, dividends, rents, salaries, wages, premiums, annuities, compensation, enumerations, emoluments, and other fixed or determinable annual or periodical gains, profits and income, if such payment is from sources within the United States.




To wire transfer $100,000 to Panama, for example, to purchase a piece of real estate, one would have to agree to send $142,000 so that a net $100,000 would reach its destination. Who would be inclined or willing to pay 30 percent more in a global transaction in order to satisfy these requirements? Almost nobody.


[link to www.munknee.com]
TSWB21

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11/11/2012 03:33 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
TSWB21

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11/11/2012 03:35 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
I hope it includes payments purchases on imports
Vold3mort

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11/11/2012 03:43 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Simple. Sit on your money.
"The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. "

Winston Churchill
Anonymous Coward
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11/11/2012 03:58 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Another sign of a desperate economy
Anonymous Coward
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11/11/2012 04:02 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
Anonymous Coward
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11/11/2012 04:07 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
It won't effect anybody that voted for Obama. pick
MarkinAZ

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11/11/2012 04:09 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
Anonymous Coward
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11/11/2012 04:10 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This doesnt hurt the little guy... this goes after the millionaires sheltering their money offshore.... it is a good thing....
TSWB21

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11/11/2012 04:16 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
Anonymous Coward
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11/11/2012 04:17 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
It won't effect anybody that voted for Obama. pick
 Quoting: Anonymous Coward 27538266


effect pick

try affect republitard
TSWB21

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11/11/2012 04:17 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


maybe they need to hire American residents.
machobird
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11/11/2012 04:24 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
I thought that in October these new currency controls were delayed for a year, becoming effective January 1, 2014 instead of next year. Can anyone confirm this?

machobird
machobird
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11/11/2012 04:30 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
FATCA Delay Offers Some Breathing Room
Print Email Reprints inShare.2November 6, 2012

By Michael Cohn, Editor-in-Chief, AccountingToday.comThe Internal Revenue Service’s decision to modify the timelines for withholding agents and foreign banks to comply with the stiff new due diligence requirements under the Foreign Account Tax Compliance Act is providing them, as well as taxpayers and preparers, with some welcome relief.


Mike Laveman

FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions, including hedge funds, to report to the Internal Revenue Service on the foreign holdings of U.S. taxpayers or else face large penalties. The requirements have provoked an outcry abroad, particularly from dual citizens and expatriates, in addition to the financial institutions that are expected to comply. Some foreign banks reportedly have been reluctant to do business with U.S. customers, and some expats have even renounced their U.S. citizenship.

Late last month, the IRS announced that it has delayed the timelines for withholding agents and foreign banks in completing the due diligence requirements (see IRS Modifies FATCA Timelines). Foreign financial institutions will have until Jan. 1, 2017 to start withholding taxes from U.S. taxpayers’ investment gains and until Jan. 1, 2014, to put in place the reporting requirements mandated by FATCA.

[link to www.accountingtoday.com]
thadividedsky

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11/11/2012 04:30 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Would this also apply to companies based here in the states purchasing products from abroad to sell to Americans? If not, then this law is absolute bullshit because purchasing goods from overseas is sending money out of the country in exchange for goods, I can't see how imports won't be affected as well.
violentoppisition

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11/11/2012 04:33 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
bump
Anonymous Coward
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11/11/2012 04:35 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country
 Quoting: Anonymous Coward 19461620


in "such a country" means a country considered a TAX HAVEN, and MOST countries aren't in that category now, ARE THEY???



.
s. d. butler

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11/11/2012 04:40 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


Sure,if you like totalitarian gubmint. The more desperate and greedy the gubmint gets, the faster it will fail.
Anonymous Coward
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11/11/2012 04:43 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
hitler passed the same law before they started killing the jews.

Since popular culture has shown that immigration and forign immigrants occupying our land has the momentum. This law will ONLY effect people, Not corporations and since it is white Men that are under attack it is a racist law.
Anonymous Coward
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11/11/2012 04:44 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


maybe they need to hire American residents.
 Quoting: TSWB21


Maybe you should attempt to rub those two brain cells you suggest you have together before letting yourself write anything or speak from ignorance...
Renegade (Me too)

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11/11/2012 04:45 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Whoops!

Last Edited by Renegade () on 11/11/2012 04:46 PM
Who is John Galt?
Renegade (Me too)

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11/11/2012 04:45 PM

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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


Yes, what about expats?
Who is John Galt?
Anonymous Coward
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11/11/2012 04:47 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country withhold 30 percent of the amount of such payment and remit that percentage to the Internal Revenue Service (IRS) as a tax.

A withholdable payment is defined as any payment of interest, dividends, rents, salaries, wages, premiums, annuities, compensation, enumerations, emoluments, and other fixed or determinable annual or periodical gains, profits and income, if such payment is from sources within the United States.




To wire transfer $100,000 to Panama, for example, to purchase a piece of real estate, one would have to agree to send $142,000 so that a net $100,000 would reach its destination. Who would be inclined or willing to pay 30 percent more in a global transaction in order to satisfy these requirements? Almost nobody.


[link to www.munknee.com]
 Quoting: Anonymous Coward 19461620


Good
It should be 80%
IssueX

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11/11/2012 05:03 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
What about American Expats who are employed by US companies but stationed offshore? What about their payroll accounts? They have to move money to Europe or Japan or wherever they are all the time. Otherwise how would they live? This is insanity for those people.
 Quoting: MarkinAZ


screw overseas employees

what are they doing anyway, working outside of the U.S.A.?

What, are jobs here not good enough for them? Screw them if they think they're better than the rest of us

Asshole so-called executives, serves them right...keep their money in the US where the government can help them redistribute it to help their fellow man

there are people trying to just feed their families, no one cares if a few rich people have to pay a little bit extra on thousands of dollars they probably stole anyway

/ sksm

Idol1

Last Edited by IssueX on 11/11/2012 05:07 PM
Anonymous Coward
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11/11/2012 05:04 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
Ha, Ha, Ha !
If someone, no ANYONE, wants to get something,
no ANYTHING, into or out of any country on
Earth, it is usually easily done.

There may be countries where it is more difficult
like North Korea, but still doable.

I can take care of ANY of your needs in this regard.

Art Vandelay - "Vandelay Industries" (export-import)
Anonymous Coward
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11/11/2012 05:08 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
bsflag
Anonymous Coward
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11/11/2012 05:22 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
is this even true surely it wouldnt apply to foregners who have money in the us right?
Wisconsin

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11/11/2012 05:25 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
It won't effect anybody that voted for Obama. pick
 Quoting: Anonymous Coward 27538266


.
... laughing01 ... GOOD ONE! ...
.
Amos 5:13
timelines and Celebrations of Yeshua - [link to www.grafted-promise.net]
Anonymous Coward
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11/11/2012 05:32 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This will be STOPPED at the Mexican border, buy Mexican police ( for a cut/ la modida ) and result in thousands of negro jobs on our side, as they will be difficult to spot at night AND, give them a ready source of blackmail income, lol.
Anonymous Coward
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11/11/2012 05:36 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
This doesnt hurt the little guy... this goes after the millionaires sheltering their money offshore.... it is a good thing....
 Quoting: Anonymous Coward 27521009


Yeah but the millionaires and corporate movers get their money from us...the consumers. They will pass this tax on to the little guy.

The same people used to say this about tobacco, alcohol, and income taxes. In 1913 people said, "The income tax won't affect me, it's for rich people who earn over $3,000 anually."
Anonymous Coward
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11/11/2012 06:10 PM
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Re: U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
 Quoting: TSWB21


this is a good law.
 Quoting: TSWB21


For whom?

It is a good law for greatly discouraging people from moving their wealth to a safer place...

This will help keep the money inside the country until the fed gov can figure out how to steal it too!
 Quoting: Anonymous Coward 26401225


The problem with this country for years was the money leaving it.

No more sending money home to Mexico.
 Quoting: TSWB21



You're absolutely wrong.

The only thing that has prevented the US dollar from going into a hyper-inflationary spiral, is the fact that at any given moment 60% of it is NOT in the country.

Very soon, within the next couple years, the US dollar will be abandoned as the world reserve currency, which is already on the way as many countries have ALREADY abandoned it. When that happens, trillions of dollars that live overseas, are going to come flooding home and there will be no way to stop the massive inflation.


When bread costs you $50 a loaf, and $80 a gallon for gasoline, remember how you wanted this to happen.

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