⌛ Finding a good Tax Accountant or Atty

yes, sorry, I did not mean to insult anyone with my remarks. I just hate the way the US government is managing their economy. Creating more debt on top of existing debt will never solve the problem. It's like healing an alcoholic with whiskey and sure he will feel great again for a few hours, hey, how many times this works, I wonder.

Linus

 

Tax Termination!

DG, This is where I made a fatal mistake. I terminated in the UK but Spain have been reluctant to terminate, I think they forget they are EEC now and still run their own rules, Although I paid the assessment in Spain the PI (dgte that is) seem to want a large bite as well. It is ongoing but Hopefully () when the receipts are translated I may???? get a refund, For sure the Radar has picked up on the foreign earnings and this is an area I question Greatly with them. Unlike from what read, you have some tax free states in the US, all Member Countries of the EEC have income tax payable. I am not sure even if I get the termination from Spain, any repatriation will be not be an option, I think the Double tax issue would arise again if it was an option.

We live and learn but I wish the worlds Tax Agencies would all read from the same Hymn Book and just honour any Agreements made.


Jack P.

 

Trading locally!

TOM! this is my present dilemma. The moneys I deposited from Spain was never in Doubt. What the local BIR are saying is that I have (in there eyes) used this to trade locally and as I set up with foreign money it should be taxed (I disagree) then as I have injected more they say it is profit to the local trade. It is a totally unrelated issue as it was Registered in Spain and operated only in Spain BUT the money has eventually ended up in a PI bank and of course My wife's name has come up, the BIR then Dig deeper and create mayhem. It is a total mess and is ongoing, I have talked to Tax Accountants, Lawyers and even they are not to sure about this implication. All I can say is that the way things are going, as usual, I will have a bigger bill from them than the Tax owed. maybe just better to pay the tax and keep my head down now I have come into their Radar Range.:(


Jack P.

 

Bank transfer fees are normally expensive. This is what some friends have done in Australia. They open a account and send the debit card to the Philippines. Back in Australia you can then deposit locally and then the cardholder in the Philippines can then withdraw from most banks up to 12,000php with only a $2AUD surcharge. Other banks charge you the same surcharge for only a max withdrawal of 4,000Php from a ATM of course. If you are looking at bigger dollar amounts, then your better off using a local remit agent that way the funds get there same day in the local Landbank, BDO or whatever establishment you use. Don't know if the procedure works the same way for the US expats.

 

Thanks Guru. I appreciate the information. I have already setup a mailing address in TX that we will use. Not sure how to terminate the domicile with KS and establish with TX though.

Also don't think we will be moving more than $10,000 since that is a lot for us.

Linus, I am happy for you that you don't pay tax. However the reality for me is the only way to permanently avoid US taxes would be to give up my citizenship as well as the retirement benefits that entitles me to. So its not really an option.

Jack Thanks for the explanation.

Ninja, we are already doing that but the fees mount up over time.