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Yaya
Joined: 25 Feb 2003
Location: Seoul
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 Posted: Wed May 11, 2011 8:36 pm Post subject: IRS beefing up presence in S. Korea: Wall Street Journal |
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WSJ: How can the IRS sniff out tax evaders in Hong Kong and elsewhere in the region?
Mr. Michael: I was in Hong Kong and South Korea recently, which are both pretty hot from the IRS standpoint. The Korean National tax service just signed a deal with the IRS allowing them to file joint criminal investigations. The U.S. only has five deals like that with countries around the world, including Canada, Mexico and France.
http://blogs.wsj.com/hong-kong/2011/05/11/what-to-know-about-the-irs-in-asia/ |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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| Posted: Wed May 11, 2011 8:54 pm Post subject: Re: IRS beefing up presence in S. Korea: Wall Street Journal |
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| Yaya wrote: |
WSJ: How can the IRS sniff out tax evaders in Hong Kong and elsewhere in the region?
Mr. Michael: I was in Hong Kong and South Korea recently, which are both pretty hot from the IRS standpoint. The Korean National tax service just signed a deal with the IRS allowing them to file joint criminal investigations. The U.S. only has five deals like that with countries around the world, including Canada, Mexico and France.
http://blogs.wsj.com/hong-kong/2011/05/11/what-to-know-about-the-irs-in-asia/ |
The IRS and the US government must be out of their f**king mind if they think can force Hong Kong (property of China) to comply with their tax laws. I hope the IRS agents get sent to a reeducation camp somewhere in rural China when they get there. |
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West Coast Tatterdemalion
Joined: 31 Aug 2010
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| Posted: Wed May 11, 2011 9:22 pm Post subject: |
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| You go, IRS. Put all those tax cheats in Gitmo. Hooray!!! |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Wed May 11, 2011 9:26 pm Post subject: |
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| "In 2007, the U.S. Internal Revenue Service started cracking down on Americans hiding assets in Swiss bank accounts, and since then authorities have noted a trail of capital flowing from Europe into accounts in Hong Kong and elsewhere in Asia." |
Umm...don't think they're after EFL teachers, you guys.  |
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djloekee27
Joined: 08 Sep 2010
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| Posted: Wed May 11, 2011 9:31 pm Post subject: |
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| isitts wrote: |
"In 2007, the U.S. Internal Revenue Service started cracking down on Americans hiding assets in Swiss bank accounts, and since then authorities have noted a trail of capital flowing from Europe into accounts in Hong Kong and elsewhere in Asia."
Umm...don't think they're after EFL teachers, you guys. |
efl teachers are exempt from paying taxes. you have to make over $75,000 in order to get taxed (i don't feel like googling the figure but i might be higher, like in the $90,000 range). |
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Wed May 11, 2011 9:35 pm Post subject: |
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| djloekee27 wrote: |
| isitts wrote: |
"In 2007, the U.S. Internal Revenue Service started cracking down on Americans hiding assets in Swiss bank accounts, and since then authorities have noted a trail of capital flowing from Europe into accounts in Hong Kong and elsewhere in Asia."
Umm...don't think they're after EFL teachers, you guys. |
efl teachers are exempt from paying taxes. you have to make over $75,000 in order to get taxed (i don't feel like googling the figure but i might be higher, like in the $90,000 range). |
Exactly. (it's US$90,000) And even if we weren't tax-exempt, we aren't making enough to get their attention. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Wed May 11, 2011 11:54 pm Post subject: |
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| Of course English teachers do not make that much (on paper anyway) but failing to file is a crime. |
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Ramen
Joined: 15 Apr 2008
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| Posted: Thu May 12, 2011 12:44 am Post subject: |
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| Yaya wrote: |
| Of course English teachers do not make that much (on paper anyway) but failing to file is a crime. |
they'll slap you with 0 fine.  |
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fermentation
Joined: 22 Jun 2009
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| Posted: Thu May 12, 2011 1:04 am Post subject: |
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| The IRS is the largest Mafia organization on the planet. Now the ROK government is in bed with them. go figure. |
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northway
Joined: 05 Jul 2010
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| Posted: Thu May 12, 2011 2:55 am Post subject: |
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| Ramen wrote: |
| Yaya wrote: |
| Of course English teachers do not make that much (on paper anyway) but failing to file is a crime. |
they'll slap you with 0 fine. |
This. Not filing is a bad idea, but it would be a pretty colossal waste of resources for them to go after those of us making in the 2s. |
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Radius
Joined: 20 Dec 2009
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| Posted: Thu May 12, 2011 3:21 am Post subject: |
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Radius
Joined: 20 Dec 2009
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| Posted: Thu May 12, 2011 3:29 am Post subject: |
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when you go through the steps answering just a couple yes or no questions, the last one asks if you made more than 9k for the year. Are they asking if you made more than 9k in America? Because we made $0 in America, and if we should answer that question as no, then we actually don't have to file (Federal) taxes
http://www.irs.gov/individuals/article/0,,id=96623,00.html |
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northway
Joined: 05 Jul 2010
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| Posted: Thu May 12, 2011 3:44 am Post subject: |
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| Radius wrote: |
when you go through the steps answering just a couple yes or no questions, the last one asks if you made more than 9k for the year. Are they asking if you made more than 9k in America? Because we made $0 in America, and if we should answer that question as no, then we actually don't have to file (Federal) taxes
http://www.irs.gov/individuals/article/0,,id=96623,00.html |
No, they aren't. That's why the exemption needs to exist in the first place. |
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djloekee27
Joined: 08 Sep 2010
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isitts
Joined: 25 Dec 2008
Location: Korea
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| Posted: Fri May 13, 2011 7:52 am Post subject: |
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Already a sticky on US taxes.
Yaya, unless you're not reporting the large amounts of capital you're moving between Korea and your Swiss bank account, I think you're fine...especially since you're diligent about filing your taxes when you don't owe anything.  |
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