Private Industry
1. What do do The approaches documented on this site are highly unconventional and unfamiliar to nearly all people. This invites a Dunning-Kruger response from withholding agents, businesses, and financial institutions. When dealing with these people, practicing the “art of the deal” is paramount. All the knowledge in the world is useless without people skills.…
Read MoreThe definition of “security” is found below: Crypto is NOT a “security” because: See: Proof of Facts: That Crypto Currency is not a “Security” that requires “Registration”**, SEDMhttps://sedm.org/proof-of-facts-that-crypto-currency-is-not-a-security-that-requires-registration/ The 1040NR form has a block for self-reporting activities in crypto: Regulations governing brokerages are found below. Unfortunately, since crypto is not a security, crypto exchanges should…
Read More31 CFR § 1010.605 – Definitions. (m) Private banking account means an account (or any combination of accounts) maintained at a covered financial institution that: (1) Requires a minimum aggregate deposit of funds or other assets of not less than $1,000,000; (2) Is established on behalf of or for the benefit of one or more non-U.S. persons who are direct or beneficial…
Read More1. ITEMIZED LIST OF CONSEQUENCES Below is a list of all the legal consequences of filling out a W-4 with your business associates: 1. You identified yourself as a GOVERNMENT/FEDERAL employee. The title of the form is “EMPLOYEE withholding allowance certificate. Below is the legal definition of “employee”: 26 U.S. Code § 3401 – Definitions…
Read MoreEDITORIAL COMMENT: This dialog contains equivocation surrounding whether “U.S. national” is a nonresident alien so it fails the “law of noncontradiction” so it can’t be entirely true. See in Question 7: But crucially, “nonresident alien” is defined by reference to 26 U.S.C. § 7701(b)(1)(B), which—when read in light of 8 U.S.C. § 1101(a)(3)—excludes U.S. nationals, because they are not aliens.…
Read More1. The BIG picture The U.S. person election in this article operates INDEPENDENT of the W-4 “wage” election. That is a completely different subject. In most cases, “nonresident aliens” receiving W-2’s are permitted to exclude their earnings by regulation from taxation, and also are not required to “effectively connect” those earnings by entering them on…
Read More1. Background Although the Internal Revenue Code properly recognizes your right to choose a nonresident alien status and be unenumerated, banks and financial institutions are so heavily regulated that they often take a position at odds with this lifestyle. As part of their Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance measures, financial institutions…
Read More1. Introduction Those who previously and successfully opened a bank account as a nonresident alien by using a W-8 rather than a W-9 may subsequently and sometimes repetitively be contacted by the bank because they their status looks suspicious or out of the norm from other account holders, who are almost universally “U.S. persons” who…
Read MoreIntroduction A common practice of mortgage lenders during the loan qualification process is to ask you to sign an IRS Form 4506T requesting your tax returns over a period of years as a way to verify your income. The amount they will loan is usually limited by your income and computed from your income. The…
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