PayPal & IRS Issue
Out of context: Reply #20
- Started
- Last post
- 29 Responses
- ********0
mg33
Paypal is obligated to report any payments made as they do not know nature of the transaction and it is deposited in US. I am assuming that the address is based in US attached to the Paypal account, if not it would be changed to say Paypal japan and no need for any worries in US.
Best would be get a global bank account (HSBC) to deposit any where in the US.
I would consult not just an accountant but an account who specializes in global accountancy.
From my experience, I had multiple accounts (UK, Japan, Canada and US). I had to consolidate them because I was depositing money in to country's bank account but still based in US. I did report all earning in US and paid taxes in US. Other countries do not know that. This maybe the case. Clarifying your residency would still allow you to keep your money in any country as long as taxes are paid in country of residence and notification of this act in account residing country.
I used Deloitte for number of years until few years back when I just consolidated in to a single global account for work outside US. Any big accounting firm will not use any loop holes as it would be more paper work for them. Find a small US or Japan based accountants who specializes in global taxation.
- Thanks again, he's been reading the responses here. Just not a QBN member.mg33