Long time client with inheritance from Columbia of about $750k. Assets in an acct with his name for about 10 yrs. He has been paying taxes there. Has to bring to US now! Anyone on process, taxes?

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Posting as :
works at
You are currently posting as works at

Convert it to diamonds and bring over by drug mule

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Obviously

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For the record, it has been at least 3 years since I’ve done that and with the new tax code, I haven’t but I don’t believe the new code addressed this situation.

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International wire. It will be reported to the IRS as a large transaction and will trigger a report from the receiving bank. I assume he can prove he has been paying tax on it so there won’t be an issue.

Advise them that they WILL get an audit next year but it shouldn’t be a big deal as long as he can prove the money was never earned or been in the US before.

Good for them and you!

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I can help with the international tax accountant. I used to work for a top firm. Give me your email address and I’ll help you out

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Mid thirties.

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....And going on 14. Sounds just like my two teen boys. Nice EJ1

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When emailing your client, you might want to spell it "Colombia".

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Thank you MP1!

Bank to use for currency conversion? International tax accountant?

Any bank will do the conversion. Honestly there is only a few banks in the US that do them (think JP Morgan or BAC). All banks that don’t use those as intermittent banks and the receiving bank doesn’t matter. They use the SWIFT system so you will need a SWIFT code (just have the bank fill out the forms).

Doubt you would need a specialized international accountant on that amount but I would check with the clients accountant to make sure they have done it. If they use a small mom and pop shop, might want to call a bigger firm.

Thanks, that’s what I am looking for!

Ssbauer@voyafa.com

Thanks!

Sent you an email

Thank you!

You forgot to mention the part where we smuggle it in his butt.

EJ1, how old are you?

Oh man.... Guess I'll go put myself in time out....

Thanks, EJ1, you just reminded me God really DOES have a sense of humor. Unfortunately, He reserved the right to give you any that would grow with your years.

Exactly, but come FA2, no need for ugliness!

Hey FA1, thank you, had a conf call today! Just what I needed!

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