Posted on 03/09/2021 8:54:59 PM PST by lowbridge
Probably to just nail people who file the wrong form and hit them with a fine, even though the 2 forms are almost exactly the same. What is going to shock a lot of people this year are those that did freelancing work because hey were laid off. A lot of them will probably just file their taxes normally thinking they were doing the correct thing. The IRS will then come back to them with fines for not filing quarterly taxes as an independent contractor and not withholding 15% in FICA.
There are incredible tax advantages for those who are self employed filing Schedule C and form 1099s versus the proles who are employees receiving W-2s.
——————
Guessing I really am gaming the system. Work for a Singapore company, paid through my Singapore bank which I have an ATM card.
So no US income. No W2, no SSN used, or no 1099 at the end of the year. So quality for full Colorado unemployment as long as I’m resident in the state.
Working from the US and earning foreign wages is probably the most tax advantageous.
My annual Singapore tax bill was less than $750 for the year, on S$60000 income there, with no withholding.
Everything about what you are doing is wrong. You probably shouldn’t post that on a public forum. By the way, your use of an undeclared foreign bank account subjects you to between $10k and $100k per tax year in fines for FBAR violations...
The totally insane left is completely running puppet Dementia Joe.
This is absolute proof of that.
Freelance journalists and writers based in California were laid off by the hundreds. Florists, musicians, translators, and countless other kinds of workers were hurt by the regulatory crackdown — with almost no one actually benefiting from it.
Why would we ever want to bring this kind of dysfunction nationwide?
The USA will probably be a smoking hole in the ground by the time this idiot gets through wrecking everything.
Why is it every uber or lyft driver has Bernie Sanders bumper stickers and Uber was big time behind democrats?
I suppose sociological leftist losers will cling to uber type gigs and yet still screw themselves and not figure.
Yeah public forum. Right. You gonna DOX me, you POS?
So turn me into to the IRS.
Effing tool.
[Why would we ever want to bring this kind of dysfunction nationwide?]
To destroy America for the New World Order? /shiny side out
I always found it funny the creator of the AFL-CIO was named George Meeneyl
Yea, Democrats love collecting taxes on the backs of working people just to give it to losers on welfare!
Democrat politicians and activists no longer care.
They now know that 90% of voters could vote against them, and they can win anyway through fraud.
“The people who cast the votes decide nothing; the people who count the votes decide everything”
When has that mattered?
However, it doesn’t really seem to matter to dem voters. They get screwed but still vote them back in, no questions asked. I know some and their critical thinking is as complicated as Democrats are good and Republicans are bad - not only bad, but are racists and dangerous. They are blind and schooling has them completely brainwashed and Republicans make zero effort at any type of education reform.
Yes, you're correct. In addition, you MUST report any amount over 10K in any foreign bank account. So this guy is seriously playing with fire. In addition, though I don't know about Singapore, all European banks report bank accounts owned by US citizens to the Feds. That is a fact.
He was trying to be helpful. But I agree, I think you need the advice of a tax attorney. Claiming ignorance never works with the IRS.
He was trying to be helpful. But I agree, I think you need the advice of a tax attorney. Claiming ignorance never works with the IRS.
—————
Never keep more than US$10000 aggregate in a foreign account at any one time. They care only about aggregate, not day-to-day transactions.
And yes, with the exception of 2019 and 2020, I filed an FBAR every year. 2019 and 2020 were also the only years I was considered a US tax resident since 1999.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.