Reporting foreign bank accounts on tax return

Share to Twitter Share to Linkedin As we enter tax season 2023, you may wonder how long you should keep your old tax returns and other paperwork associated with filing your taxes. For those with hard copies of your taxes, you might wonder if you can scan them. Or do you need to keep hard copies? Keep reading as we share how long you should keep your old taxes and how to get them out of your way, hopefully. How long do you need to keep old tax records, receipts, and total tax returns (state and federal)? Another common question is how to safely store these tax docs without feeling like you are living like a hoarder. While providing tax-planning guidance over the years, I've met several people with countless boxes full of old receipts, documents, and tax returns. While some tax documents needed to be kept, most could have been shredded and thrown away long ago. What Does The IRS Say About Keeping Old Tax Returns? According to the Internal Revenue … [Read more...] about How Long Should You Keep Old Tax Returns?

PHUKET: Police have arrested a Taiwanese man who was found in the illegal possession of bankbooks and ATM cards for 12 Thai bank accounts opened by local residents. Chen Yu-Chung, 34, was arrested on Saturday, after a tip-off from a Phuket tuk-tuk driver, who told police that he was paid 6,000 baht to open a bank account in Patong. “The 47-year-old tuk-tuk driver, Suwaroj Kaebutr, said that he had heard of this type of thing before,” said Col Sutthichai Tianpho of the Patong Police. “He said it didn’t feel right, and that he had heard of foreign criminal gangs paying local people to open bank accounts for them.” Related news Tour bus crash on Patong Hill seriously injures driver 8 hours ago Robust Phuket tourism numbers in Q4 last year and high winter season set the stage for recovery by year-end 13 hours ago Mr Suwaroj met Mr Chen last Thursday and handed over the bankbook and ATM card for the account he was paid to open. Police … [Read more...] about Taiwanese “bank account mule’ arrested in Patong

Share to Twitter Share to Linkedin DOJ’s 2022 Year In Review Report released last month not only recounts its Fraud Section’s activity and “accomplishments” for the preceding year, but also allows practitioners and in-house counsel responsible for helping companies and their executives navigate the shoals of corporate compliance anticipate the government’s likely future focus. This year’s Report first suggests that in the upcoming years DOJ will continue to focus on individual accountability for corporate malfeasance particularly in the area of financial fraud and market manipulation. In fact, the Report was released at the same time that DOJ leadership was commending the Department’s convictions of individuals such as Elizabeth Holmes and Sunny Bulwani . Second, the Report also foreshadows an increase in independent compliance monitorships in corporate resolutions, a practice previously avoided under a Trump-era policy . Again, public comments, including … [Read more...] about Fraud Section Report Helps Companies’ Counsel Navigating DOJ’s Seas

Accounting and bookkeeping can be daunting and time-consuming for small business owners. It is not just about counting the pennies; keeping track of finances can quickly become overwhelming without a professional’s help. This is why more and more small business owners are hiring outsourced bookkeeping and accounting services. This approach has several advantages and can help save time, money, and effort in the long run. In this post, we will explore why small business owners should consider outsourced accounting and bookkeeping services for their business operations. Meaning of outsourced accounting and bookkeeping services The term “outsourced accounting and bookkeeping services” refers to hired help from an outside third party to manage your accounting and finances instead of leaving this responsibility with the in-house accounting department. Typically, these services encompass any and all tasks related to the financial management of a business, from bookkeeping and … [Read more...] about Why Should Small Businesses Consider Outsourced Accounting And Bookkeeping Services

Chairman Thomas Jordan of the Swiss National Bank (SNB) attends a news conference in Zurich, Switzerland, March 23, 2023. REUTERS/Denis Balibouse ZURICH  -The Swiss National Bank raised its benchmark interest rate by 50 basis points on Thursday and declared that measures to support Credit Suisse had “put a halt to the crisis”. The central bank said that additional rate rises could not be ruled out and that it was willing to be active in the foreign exchange market if necessary. “The measures announced at the weekend … have put a halt to the crisis,” it said in a statement. “The SNB is providing large amounts of liquidity assistance in Swiss francs and foreign currencies.” The rates increase was the SNB’s fourth hike in succession as the central bank maintained its fight against Swiss inflation, which remains stubbornly outside the SNB’s target band of 0 -2 percent. “The growth outlook for the global economy in the coming quarters remains subdued,” said the SNB in a … [Read more...] about Swiss National Bank raises rates, says bank crisis stopped

More suspects are now in Thai police custody in relation to the phone scam that duped unsuspecting elderly Americans out of 3 billion baht. According to the Bangkok Post, 20 people have been arrested- 15 Thais and five Indian nationals- for their involvement in a phone scam that preyed on Americans. Police say they raided places in the provinces of Rayong, Chon Buri, Surat Thani, and Roi Et. All five of the Indian suspects were men and 11 of the 15 Thais were women, according to Torsak Sukwimol, a deputy national police chief. Police say they seized 162 bank account books, 61 mobile phones, one pistol, two cars, land title deeds and other assets. The investigation started last year over the phone scams, with the US Federal Bureau of Investigation (FBI) and Secret Service informing Thai police of the suspected scam. Related news Bangkok Airways to launch Koh Samui – Hong Kong route 2 mins ago Thailand lottery winner thanks Buddha … [Read more...] about More suspects arrested in phone scam duping Americans out of 3 billion baht

The heads of the billionaire Araneta family—Jorge and Stella Araneta, whose names are synonymous with the Cubao commercial center that bears the family’s name—have taken JP Morgan Chase to court over their missing jewelry. Missing jewelry? Yes. Bloomberg News reported on Thursday that the power couple sued the global banking powerhouse for having auctioned off their valuables that were stored in the bank’s safety deposit boxes in New York City which they had been maintaining since 2006. Apparently, the annual dues for the safety deposit boxes were being settled through regular deductions from the couple’s bank accounts. In 2016, the bank sent notices that the boxes would be forcibly opened and their contents sold off if the overdue bills were not settled. In 2017, the boxes were drilled open and their contents moved to a safe location, Bloomberg reported. In 2019, the couple learned about this and settled all overdue bills with the bank promising that the contents would be … [Read more...] about BIZ BUZZ: Aranetas sue ‘negligent’ JP Morgan

Share to Twitter Share to Linkedin Topline TikTok CEO Shou Zi Chew faced intense questioning from lawmakers in his first hearing before Congress Tuesday morning, defending the popular social media app and insisting it protects U.S. user data from foreign interference, though House members from both sides of the aisle remained skeptical of TikTok's plans as the Chinese-owned platform fights against a possible U.S. ban or forced sale. Key Facts Rep. Cathy McMorris Rodgers (R-Wash.)—chair of the House Energy & Commerce Committee—asked about spying and surveillance on U.S. users by TikTok, which is owned by Beijing-based tech company ByteDance, but Chew said he "disagrees with the characterization" that the social media platform is spying on American users and said TikTok is “committed” to protecting U.S. data from foreign access. Chew claimed in his testimony that he has “seen no evidence” of Chinese government officials accessing U.S. user data, … [Read more...] about TikTok CEO Spars With Congress Amid Growing Calls For Ban—As Lawmaker Calls Privacy Claims ‘Preposterous’

Thai and Indian couple arrested for allegedly scamming Americans, photo by The Pattaya News. A Thai and Indian couple allegedly scammed Americans of over 3 billion baht . Police arrested the couple after raiding a house in Bang Lamung district in Pattaya yesterday at around 10am. Officers raided that house following a notification from the US Embassy stating that the house was being used as a hideout by scammers. The raid was conducted by a commando unit and officers from the Cyber Crime Investigation Bureau (CCIB) Deputy National Police Chief Pol. Gen. Torsak Sukwimol said that he had arrested an unidentified Indian national between 50 and 60 years old, and his Thai wife who was between 40 and 50 years old. The couple is accused of tricking numerous American citizens out of over 3 billion baht in total damages, and the two fled to Pattaya, according to the US Embassy. Gen. Torsak said police seized several car keys, bank account books, smartphones, and weapons … [Read more...] about Thai and Indian couple allegedly scammed Americans of over 3 billion baht (video)

Photo by Niwat Tart-inchan via Lampang Post Police arrested a pervy Thai man for selling spycam pornography he secretly filmed inside the bathrooms of a restaurant in the northern province of Lamphun. This was the third time that the degenerate was arrested on spycam charges. The Commissioner of the Provincial Police Region 5, Piya Tawichai, provided details of the arrest during a press conference today. Piya reported that a number of women filed a complaint at Mueang Lamphun Police Station that they were filmed while using a bathroom at Old Town Market restaurant in the Lamphun, and their videos were on sale in the application called VK under the account MIL (Mediafire In Love). The Cyber Police conducted a further investigation into the account and found that the videos showed 27 women being compromised but only 14 had filed complaints with the police. The police identified 29 year old Olarn Boonheng as the operator of the account responsible for the criminal … [Read more...] about Pervy man arrested for selling spycam porn of women in restaurant bathroom