Payout questions from offshores books?

[MetalHead]

I have been in this S*$t for over 25 years and have just recently been doing the offshore books. Well thanks to several at OSB I have had a great year, now time to collect. Which is a different topic altogether but I will see if I can get some input on how you all collect and report this as income as we approach tax day. The checks I am receiving are for Deposit only, which I am to put into my checking account. So my question is does the bank report this to the government cause its from a international bank and should I report it on my tax's? My initial thought is NO, but I'm into the 30K range of depositing into my checking and I feel that the banks report these foreign transactions. Any input is appreciated. Thanks Metalhead

 

[151rum]

I have been in this S*$t for over 25 years and have just recently been doing the offshore books. Well thanks to several at OSB I have had a great year, now time to collect. Which is a different topic altogether but I will see if I can get some input on how you all collect and report this as income as we approach tax day. The checks I am receiving are for Deposit only, which I am to put into my checking account. So my question is does the bank report this to the government cause its from a international bank and should I report it on my tax's? My initial thought is NO, but I'm into the 30K range of depositing into my checking and I feel that the banks report these foreign transactions. Any input is appreciated. Thanks Metalhead

From what I understand you are on the honor system with reporting checks. If you receive more than 20K in Bitcoin it will be reported for certain.

 

[Pookie158]

No; you should be ok; as long as you keep your checks under 10,000. I always keep my checks the same amount 3,000.00 twice a month,

 

[MetalHead]

From what I understand you are on the honor system with reporting checks. If you receive more than 20K in Bitcoin it will be reported for certain.

Thanks, I'm not into bit coins...I prefer cash but these checks is all I can get!!

 

[MetalHead]

No; you should be ok; as long as you keep your checks under 10,000. I always keep my checks the same amount 3,000.00 twice a month,

Thanks, I have a few 2500, 2000 and 3000 this year...Got several 2500 left but in the mail...LOL