Jester “Fincen Form” Chat from Friday Night Emailed to Recaps

[Jester] DiddyKong I HAVE A LITTLE OTHER SOMETHING THAT NEEDS TO GET OUT TO
DINAR LAND THAT I WOULD LIKE TO COVER…

[kirbycat94] Jester I’m used to it by now. Nothing shocks me anymore

[Jester] INTERESTING CALL… WITH AN EMAIL FOLLOW UP… LET’S EXIT THE FISHBOWL
FOR A FEW MINUTES… YOU GAME?

[DiddyKong] Jester awesome. Floor is all yours friend
….
Read More Link on Right

[Jester] PART ONE…

[Jester] RESPONSE…

[Jester] Whoever wrote the words talking about the FinCEN Forms has no idea
what they are talking about.

[Jester] The reports referred to are titled “Currency Transaction Report” (Form
104) and are issued by the Department of the Treasury. And have nothing to do
with the Internal Revenue Service.

[Jester] Each financial institution must file the FinCEN Form 104 for each
deposit, withdrawal, exchange of currency, or other payment or transfer, by,
through, or to the financial institution which involves a transaction in
currency of more than $10,000.

[Jester] PART 2…

[Jester] RESPONSE…

[Jester] The tax advice they give in paragraph number two is incorrect. There
is no 39.5% tax. The rate is 39.6% and the contemplated transaction will not be
taxed as a capital gain no matter what you want to call it.

[Jester] PART 3…

[Jester] The proper and ONLY form is Form 104. It already states “Currency
“Exchange” in Part II number 33. “Currency “Exchange”
(tax unknown, possibly 11%)

[Jester] RESPONSE…

[Jester] Paragraph number three is correct in that Form 104, Part II, item #33
does have a check the box as “Currency Exchange(s)”, but that is all that is
correct about paragraph number three in the email you sent. The remainder of
paragraph is just Wrong. The tax is known and the rate is not 11%.

[Jester] SYNOPSIS…

[Jester] I would like for you to go backward in this email and get my reply to
the person that this information came from and have them call me. This type of
incorrect information on the internet could hurt a lot of people. Whoever wrote
this is simply WRONG and does not know what they are talking about.

[Jester] END OF EMAIL…

[AdmrKris] Jester Many thanks. I’ve been trying to figure out the validity
& correctness of that form.

[Jester] NOW… THIS CAME FROM A PROFESSIONAL CPA/TAX ATTORNEY…. THE POINT
HERE IS THIS… THIS KIND OF STUFF IS EXACTLY THE KIND OF REASON THAT PEOPLE
SHOULD NOT BE GETTING ADVISE OF THIS TYPE FROM OUT OF THE DANG FISHBOWL… YOU
NEED TO MAKE SURE YOU GET HELP FROM PROFESSIONALS AND MAKE SURE YOU GET IT DONE
RIGHT…

[princessA] Thank you

[Jester] AND TRULY…. THIS GOES BACK TO THE EARLIER DISCUSSION OF DINAR LAND
AND THE FISHBOWL ITSELF… ARE YOU ON THE INSIDE LOOKING OUT OR THE OUTSIDE
LOOKING IN? TIME TO MAKE A DECISION FOR YOURSELF AND GET OUT OF THE DANG
FISHBOWL

[princessA] We need to pass on this tax info jester

[Jester] texas77 THE CPA/TAX ATTORNEY WILL KNOW… MINE DOES… I HAVE A PLAN
ALL SET UP…

[rockymtn] Jester We have a financial advisor in this, a trust attorney (in
this), and an accountant – and they still believe it’s a grey area – although
it will probably be capital gains if the currency exchange profit is over $200.

[texas77] Jester clearly I need your tax attorney.

[texas1837] Jester tks for that. I have thought this all along, so maybe now my
husband will be convinced.

[Jester] rockymtn I AGREE WITH THAT… AND IT WILL FOLLOW THE CAPITAL GAINS TOO
FROM WHAT I AM TOLD… YOUR INVESTMENT OVER A YEAR OR NOT?

[rockymtn] Jester dinar – over a year; dong – this year.

[citizensoldier] texas77 Many Tax and Legal Professionals “drink”
from the same trough… Once the Rate is live and the great exchange begins,
many CPA’s and Tax Attorney’s will know more than they do now.

[Jester] THERE ARE LOTS OF QUESTIONS…. BUT I AM GOING WITH THE CPA/TAX GUY…
MY GUY HAS E&O INSURANCE IF HE MESSES UP… LOL

[citizensoldier] Be certain that the Errors and Omissions Insurance policies
which are in place are substantial enough to cover “your” buns.

[Jester] citizensoldier FOR SURE…

NOW… AFTER THE ROOM CLOSED I DID A BIT OF RESEARCHING… I REMEMBERED THAT
SOMEWHERE ALONG THE LINE THIS FORM WAS SUPPOSED TO HAVE GONE ELECTRONIC… HERE
IS THE INFORMATION THAT I FOUND… I HOPE IT HELPS YOU…

IT TURNS OUT THAT THE FINCEN FORM 104 HAS BEEN REPLACED WITH THE FINCEN CTR
FORM 112…. CTR = CURRENCY TRANSACTION REPORT… NOW THIS DOES NOT MAKE THE
PREVIOUS DISCUSSION FROM THE CHAT ROOM ANY LESS ACCURATE IN MY OPINION AS THE
FINCEN FORM 112 IS SIMPLY THE ELECTRONIC VERSION OF THE FINCEN FORM 104….

AND JUST TO BE ACCURATE… THERE WAS ALSO AN ELECTRONIC FORM OF THE FINCEN FORM
104 THAT LOOKED JUST THE SAME AS THE PRINTED FORM… THIS COEXISTED WITH THE
PRINTED VERSION AND THE NEW VERSION OF THE FORM… BOTH THE PAPER AND
ELECTRONIC VERSIONS WERE KNOWN AS LEGACY VERSIONS…

THE FINCEN CTR FORM 112 IS ACTUALLY DESCRIBED AS AN ELECTRONIC DATA COLLECTION
DEVICE… IT IS BASICALLY THE ELECTRONIC VERSION OF THE ORIGINAL FORM 104…
HOWEVER IT DOES NOT LOOK THE SAME AND HAS SOME ADDITIONAL COMPLIANCE ISSUES
REGARDING THE BANKS…

BANKS HAD TO START USING THIS FORM ON APRIL 1, 2013… UP UNTIL THAT TIME
EITHER OF THE THREE FORMS COULD BE USED… BUT AFTER MARCH 30, 2013 THE LEGACY
FORM 104 IN EITHER PAPER OR ELECTRONIC FORM WAS NO LONGER ACCEPTED…

HERE IS A SHORT VIDEO FROM 2012 EXPLAINING THE CHANGEOVER FROM THE FORM 104 TO
THE FORM 112…
http://www.youtube.com/watch?v=M67bZMtSCXY
(Preview)

HERE IS MORE INFORMATION THAN YOU COULD POSSIBLY EVER WANT TO KNOW ABOUT THIS
FORM… BUT IT IS GOOD INFORMATION TO LOOK AT FROM THE STANDPOINT THAT YOU WILL
SEE WHAT INFORMATION THEY ARE LIKELY TO WANT FROM YOU AND WHAT THEY ARE USING
IT FOR… GET A BOTTLE OF 5 HOUR ENERGY FOR THIS ONE… IT IS A GOVERNMENT
FORM… LOL…
http://www.fincen.gov/forms/files/FinCEN%20CTR%20ElectronicFilingInstructions%20-%20Stand%20Alone%20doc.pdf#page=2

SO ANYWAY… I HOPE THIS INFORMATION HELPS YOU…. I WILL STILL ADVISE YOU TO
SEEK PROFESSIONAL ADVICE REGARDING TAX MATTERS… AGAIN… DO YOU REALLY THINK
TAKING TAX ADVICE FROM A CHAT ROOM IS A GOOD IDEA?… THIS INFORMATION INTENDED
TO HELP YOU BE A LITTLE MORE EDUCATED ON THE MATTER SO YOU KNOW WHAT QUESTIONS
TO ASK WHEN YOU ARE VETTING OUT YOUR POTENTIAL PROFESSIONAL REPRESENTATIVES…