Re: Payments not being made...
Posted: Sat Mar 17, 2018 8:14 pm
POOL OWNERS?????
ANY FEEDBACK ON THE 30% TAX WITHHOLDING FOR INCOME EARNED BY NON US-CITIZENS WORKING IN THE US?
THE 1099 FORMS YOU FILE WITH THE IRS SHOW THE IRS HOW MUCH TAXES THEY NEED TO COLLECT FROM YOUR U.S. INCOME EARNERS REGARDLESS IF THEY EVER SELL A SINGLE COIN THAT YEAR.
IF YOU ARE COLLECTING W8-BEN FORMS I THINK YOU NEED TO BE COLLECTING 30% TAX FEES ON YOUR FOREIGN INCOME EARNERS TO PAY YOUR IRS ALSO. UNLESS THERE IS A TAX TREATY WITH THE U.S. AND THE MINERS COUNTRY, THEN YOU MAY BE ALLOWED TO COLLECT LESS. I THINK YOU NEED TO GO BACK AND READ SOME MORE, THE W8-BEN FORMS REQUIRE A LOT MORE THAN JUST BEING ON FILE, THEY NEED REVIEWED, VERIFIED, AND ACTED UPON IN MOST CASES FOR A COLLECTION OF TAXES THAT NEEDS TO BE PAID.
IT WOULD BE TRUELY SAD IF YOU ARE MAKING $5,000 A DAY BUT YOU SHOULD HAVE BEEN COLLECTING $15,000 A DAY TO PAY THE IRS TAXES AND AT THE END OF THE YEAR YOU FIND YOU ARE LIABLE FOR IT ALL.
https://www.irs.gov/pub/irs-pdf/iw8.pdf
see page 2: Requirements to Withhold
ANY FEEDBACK ON THE 30% TAX WITHHOLDING FOR INCOME EARNED BY NON US-CITIZENS WORKING IN THE US?
THE 1099 FORMS YOU FILE WITH THE IRS SHOW THE IRS HOW MUCH TAXES THEY NEED TO COLLECT FROM YOUR U.S. INCOME EARNERS REGARDLESS IF THEY EVER SELL A SINGLE COIN THAT YEAR.
IF YOU ARE COLLECTING W8-BEN FORMS I THINK YOU NEED TO BE COLLECTING 30% TAX FEES ON YOUR FOREIGN INCOME EARNERS TO PAY YOUR IRS ALSO. UNLESS THERE IS A TAX TREATY WITH THE U.S. AND THE MINERS COUNTRY, THEN YOU MAY BE ALLOWED TO COLLECT LESS. I THINK YOU NEED TO GO BACK AND READ SOME MORE, THE W8-BEN FORMS REQUIRE A LOT MORE THAN JUST BEING ON FILE, THEY NEED REVIEWED, VERIFIED, AND ACTED UPON IN MOST CASES FOR A COLLECTION OF TAXES THAT NEEDS TO BE PAID.
IT WOULD BE TRUELY SAD IF YOU ARE MAKING $5,000 A DAY BUT YOU SHOULD HAVE BEEN COLLECTING $15,000 A DAY TO PAY THE IRS TAXES AND AT THE END OF THE YEAR YOU FIND YOU ARE LIABLE FOR IT ALL.
https://www.irs.gov/pub/irs-pdf/iw8.pdf
see page 2: Requirements to Withhold