For more information about the best place to go and cash in:
Phone numbers are for private wealth management offices where available
________________________________________________________________________
Private Banker Interview Questions
_____________________________________________________________
LIST OF BANK SERVICES TO REQUEST
Ask your private banker or bank manager to provide the following items:
1. All bank account fees, cashiers check fees, notary fees, etc to be waived forever.
2. Highest rates available to be paid on my accounts.
3. Highest rate of exchange on the dinar available. (no spread)
4. Bank to provide and pay for insurance to cover all account balances.
5. Access to information on great investments such as pre-IPOs, real estate (REO), bank trading and sweep accounts.
6. Other benefits to include: sporting event tickets, first class travel arrangements and other perks offered by the bank.
7. Bank willingness to provide a team to include a tax attorney, CPA,
wealth planner, trust attorney, concierge services, etc. as needed.
_____________________________________________________________
_____________________________________________________________
Frequently Asked Questions on Gift Taxes
|
| |
|
Below are some of the more common questions and answers
about Gift Tax issues. The laws on Estate and Gift Taxes are considered
to be some of the most complicated in the Internal Revenue Code. For
further guidance, we strongly recommend that you visit with an estate
tax practitioner (Attorney or CPA) who has considerable experience in
this field. You may also find additional information in Publication 950 or some of the other forms and publications offered on our Forms Page.
Included in this area are the instructions to Forms 706 and 709.
Within these instructions, you will find the tax rate schedules to the
related returns.
Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
What is considered a gift?
Any transfer to an individual, either directly or indirectly, where
full consideration (measured in money or money's worth) is not received
in return.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there
are many exceptions to this rule. Generally, the following gifts are not
taxable gifts.
-
Gifts that are not more than the annual exclusion for the calendar year.
-
Tuition or medical expenses you pay for someone (the educational and medical exclusions).
-
Gifts to your spouse.
-
Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
May I deduct gifts on my income tax return?
Making a gift or leaving your estate to your heirs does not
ordinarily affect your federal income tax. You cannot deduct the value
of gifts you make (other than gifts that are deductible charitable
contributions). If you are not sure whether the gift tax or the estate
tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words,
if you give each of your children $11,000 in 2002-2005, $12,000 in
2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion
applies to each gift.
What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the
gift. Together, you can give $22,000 to each donee (2002-2005) or
$24,000 (2006-2008), $26,000 (effective on or after January 1, 2009).
What other information do I need to include with the return?
Refer to Form 709 (PDF), 709 Instructions and Publication 950. Among other items listed:
-
Copies of appraisals.
-
Copies of relevant documents regarding the transfer.
-
Documentation of any unusual items shown on the return (partially-gifted assets, other items relevant to the transfer(s)).
What is "Fair Market Value?"
Fair Market Value is defined as: "The fair market value is the price
at which the property would change hands between a willing buyer and a
willing seller, neither being under any compulsion to buy or to sell and
both having reasonable knowledge of relevant facts. The fair market
value of a particular item of property includible in the decedent's
gross estate is not to be determined by a forced sale price. Nor is the
fair market value of an item of property to be determined by the sale
price of the item in a market other than that in which such item is most
commonly sold to the public, taking into account the location of the
item wherever appropriate." Regulation §20.2031-1.
Who should I hire to represent me and prepare and file the return?
The Internal Revenue Service cannot make recommendations about specific individuals, but there are several factors to consider:
-
How complex is the transfer?
-
How large is the transfer?
-
Do I need an attorney, CPA, Enrolled Agent (EA) or other professional(s)?
For most simple, small transfers (less than the annual exclusion amount) you may not need the services of a professional.
However, if the transfer is large or complicated or both, then these
actions should be considered; It is a good idea to discuss the matter
with several attorneys and CPAs or EAs. Ask about how much experience
they have had and ask for referrals. This process should be similar to
locating a good physician. Locate other individuals that have had
similar experiences and ask for recommendations. Finally, after the
individual(s) are employed and begin to work on transfer matters, make
sure the lines of communication remain open so that there are no
surprises.
Finally, people who make gifts as a part of their overall estate and
financial plan often engage the services of both attorneys and CPAs, EAs
and other professionals. The attorney usually handles wills, trusts and
transfer documents that are involved and reviews the impact of
documents on the gift tax return and overall plan. The CPA or EA often
handles the actual return preparation and some representation of the
donor in matters with the IRS. However, some attorneys handle all of the
work. CPAs may also handle most of the work, but cannot take care of
wills, trusts, deeds and other matters where a law license is required.
In addition, other professionals (such as appraisers, surveyors,
financial advisors and others) may need to be engaged during this time.
Do I have to talk to the IRS during an examination?
You do not have to be present during an examination unless IRS
representatives need to ask specific questions. Although you may
represent yourself during an examination, most donors prefer that the
professional(s) they have employed handle this phase of the examination.
You may delegate authority for this by executing Form 2848 "Power of
Attorney."
What if I disagree with the examination proposals?
You have many rights and avenues of appeal if you disagree with any proposals made by the IRS. See Publications 1 and 5 (PDF) for an explanation of these options.
What if I sell property that has been given to me?
The general rule is that your basis in the property is the same as
the basis of the donor. For example, if you were given stock that the
donor had purchased for $10 per share (and that was his/her basis), and
you later sold it for $100 per share, you would pay income tax on a gain
of $90 per share. (Note: The rules are different for property acquired
from an estate). [ Link to Estate Tax Q&A ]
Most information for this page came from the Internal Revenue Code:
Chapter 12--Gift Tax (generally Internal Revenue Code §2500 and
following, related regulations and other sources)
If you have suggestions or comments (or suggested FAQs) for the Estate and Gift Tax web site, please contact us: CONTACT ESTATE AND GIFT TAX. We will not be able to respond to your email, but will consider it when making improvements or additions to this site.
|
|
_____________________________________________________________
Taxes (This is posted for information purposes only, you must have all tax issues reviewed by a Tax Accountant and Lawyer).
Subject: THERE IS NO TAX ON CONVERSIONS OF DINAR TO US DOLLARS. IRS CLEARLY STATES THIS.
That
information was obsolete. The last update to the tax almanac was 2005.
It is completely wrong even if you were researching mere capital gains
or other currency issues. The Almanac provides big colored boxes
warning that you use it at your own risk and that it cannot be relied on
legally. Original IRS code is updated each year but the Almanac is no
longer updated. Conversion of Dinar into other currencies does not
produce capital gains.
The
IRS provided clear information by telephone documented with the Agent’s
ID number within the Special Accounts Division. A prior explanation
was published back in early January but it may not have circulated
adequately. It is updated below in larger font.
Recently
we have learned that the US Treasury will siphon $1.00 per Dinar off
the top. That way the government will receive real and instant benefit
when we convert Dinar to US dollars. We won’t be aware of it. If we
are told the rate is $6.00 (for example) the real rate was actually
$7.00. The extra dollar will be silently deposited into the US
Treasury. No one should feel that the government is being cheated.
RATIONALE FOR NON TAXATION ON DINAR CONVERSIONS
When
you convert Dinar to US dollars, you are not selling anything that
brings taxable capital gain. You aren’t selling a house, or stock, or
any of the normal capital-increasing gains. The IRS read-out below
states this, and it makes sense.
Suppose
that you have a Dinar note pre-RV of 1,000 Dinar. You could simply fly
to Iraq and spend the Dinar there to buy a flat screen TV that costs
1000 Dinar).
Or,
after cashing in here at the (say) $6 dollar rate, you now have $6,000
US dollars. You could now fly to Iraq with your $6,000. At the airport
you would convert your $6,000 into Dinar so that you could buy a TV
there. At the currency booth they would convert your $6,000 into 1000
Dinar (approx) and you could then buy the TV for 1000 Dinar. The
conversion rate will change slightly day by day, of course.
At
your Dinar cash-in time, (after the RV) you will be merely converting
one currency to another – Dinar converts into US dollars. Assuming the
RV has occurred, the dollars you get when you convert them have the same value as the Dinar. You won’t get any more or less than exactly the newly assigned value of the Dinar.
Therefore
the IRS states below that no capital gains tax is due when you cash-in
Dinar. Read carefully the IRS findings shown below and verify them for
yourself.
Beware
- if you put your US dollars into an interest bearing bank account (for
even one day), you will gain interest and you will owe tax on the
interest gained for each day. We’re advised to deposit dollars into a
non-interest-bearing bank or credit union account.
Examine this IRS opinion regarding form 8938. The form was designed only to identify people with off-shore bank accounts or LLCs, or Corporations and get them to report their secret holdings.
Fortunately, none of the hype [about form 8938] applies to private citizens who happen to be holding foreign currency such as the Dinar or Vietnam Dong. IRS statements regarding Dinar follow:
===-===
I, [xxx,yyy], took the time to call the IRS [Special Accounts Division]. I spoke to a supervisor named Ms. Theresa Klier (Employee# 1000349035).
She informed me that this form 8938 has been in existence since June of
this year [2011], following attempts by speculators in recent months to
shield themselves from federal tax levies.
This
obligation to report income that people derive from foreign currency
accounts [bank accounts in other countries that hold non-US currencies]
didn’t suddenly become law last week. [Reporting on your offshore accounts has been an IRS requirement for a long time.]
She
said that the IRS is targeting a specific group of individuals who,
until now, have been hiding assets with the specific intent of avoiding
taxation by the Treasury Department. Per Ms. Klier, the federal
government requires individuals to complete Form 8938 only under the
following circumstances:
1) If you hold stock issued by a foreign corporation [because stocks eventually may generate capital gains when they are sold and US tax will be due.]
2) If you earn capital or have accrued interest from profits earned through a foreign business partnership
3) If you hold notes, bonds, debentures or other debt instruments issued by a foreign entity
[ because notes and bonds produce capital gain sooner or later – for which you will owe US tax.]
4) If you’ve earned interest in a foreign trust or a foreign estate [tax on interest will be due – even in a US bank account.]
5)
If you hold options or other derivative instruments with respect to any
of the forgoing examples or with respect to any currency or commodity
that’s entered into with a foreign counter-party or issuer.
[For
example Forex Traders who use a computer to buy and sell currencies,
are not converting [Francs] from one currency to another. Forex traders
can buy 1000 Swiss Francs (a real purchase) and then sell them back ten
minutes later, hoping to have made a profit. Tax will be due on that
profit. In contrast, Dinar holders aren’t selling anything when they
convert Dinar to US dollars. The US dollars will be exactly equal to the value of the Dinar – assuming the RV has been announced.]
***I
made a point of asking [IRS Klier] if currency secured through a
licensed currency trader [like Dinar Banker] would bring a private
citizen under the purview of the laws that Form 8938 is designed to
enforce and she said “NO”.
Other
than the conditions referenced above, Dinar holders are only obliged to
turn in Form 8938 if they purchased the currency directly from a
foreign agent or a foreign bank or agent operating outside of our
borders***
===-===
Anyone can call and get verification as was stated above.
Only
in the event that Congress creates a retroactive tax bill, there is
currently no tax on currency conversions. If a capital gains tax happens
to be announced later, it would not be fully due until April of 2013,
but quarterly payments would be demanded throughout the year, and late
penalties for missing the quarterly payments are very real.
Some frightened people may choose to simply pay a flat 15% to the IRS as a safe action. (go ahead)
Why would they do that? Because of the fearful rumors listed here:
- many banks can and do close for reasons of illiquidity or bankruptcy, and
- the FDIC did not recover client funds when MF Global bank went down in December 2011, and
- martial law may possibly be declared in 2012, and
- the dollar is going down in value (faster and faster), and
- high tax increases are coming as healthcare hollows out middle-class savings, and
- the price of gasoline may double, eating away at savings needed for inflated property tax and/or rent fees, and
- ATM machines would stop working if a dreaded bank holiday is ordered, and
- gas pumps cannot accept credit cards when banks fail (requiring US dollar cash only), and
- banks or government edicts may ration your access to your funds (as in France), and
-
wealthy people may be forced to pay much extra tax so that it can be
distributed to pay the free health care that illegal aliens are to be
given, and
- government committees will
have direct access to all bank accounts to withdraw whatever they think
you are able to pay to support welfare programs - the wealthy (us)
should pay more, we hear, and
- A new gold or metals-backed US currency of unknown value may replace current greenback dollars soon, and
- The US dollar may soon be devalued by 40% leaving little with which to pay future taxes,
so the fearful may consider paying extra now.
If
2012 goes smoothly, any excess paid into the IRS will come back to you
in 2013. It would be sitting there in your IRS account as a credit
against future taxes in future years if you pay it now before the value
of the dollar falls further.
Seek verification in writing that the five points above are trustworthy.
Two separate people on two separate occasions obtained the points above. Blue brackets above are my clarifying inserts.
Please try to understand:
When
you converted US dollars into Dinar (at purchase time) you paid exactly
how many dollars the Dinar was worth at that time. And,
When
you someday convert your Dinar back into US dollars, you will receive
dollars exactly equal to what the Dinar is then worth.
Either currency could have bought a car in Iraq – before the RV or after the RV.
Whether
you are holding US dollars in your hand or Dinar, today’s value tables
determine that you should have more of one than the other so that they
are exactly equal in value – both in Iraq and the US – both before and
after the RV.
===-===
Obsolete tax material from 2005 was at this link:
_____________________________________________________________
For information about types of credit cards:www.comparecards.com/category/airline/tpl/orange?k=Google_TC1400-b&gclid=CMfA0cedvK0CFTPktgod_W4iBQ
_____________________________________________________________
|
WORLD’S 50 SAFEST BANKS
|
|
1
|
KfW
(Germany)
|
26
|
United Overseas Bank
(Singapore)
|
|
2
|
Caisse des Dépôts et Consignations (CDC)
(France)
|
27
|
Crédit Lyonnais
(France)
|
|
3
|
Bank Nederlandse Gemeenten (BNG)
(Netherlands)
|
28
|
Pohjola Bank
(Finland)
|
|
4
|
Zürcher Kantonalbank
(Switzerland)
|
29
|
Credit Suisse Group
(Switzerland)
|
|
5
|
Landwirtschaftliche Rentenbank
(Germany)
|
30
|
BMO Financial Group
(Canada)
|
|
6
|
Rabobank Group
(Netherlands)
|
Tie*31
|
Cassa Depositi e Prestiti
(Italy)
|
|
Tie*7
|
Landeskreditbank Baden-Württemberg - Förderbank
(Germany)
|
Tie*31
|
CIBC
(Canada)
|
|
Tie*7
|
Nederlandse Waterschapsbank
(Netherlands)
|
32
|
Banco Español de Crédito (Banesto)
(Spain)
|
|
8
|
Banque et Caisse d’Épargne de l’État
(Luxembourg)
|
33
|
Deutsche Bank
(Germany)
|
|
9
|
NRW.Bank
(Germany)
|
34
|
JPMorgan Chase
(United States)
|
|
10
|
Banco Santander
(Spain)
|
35
|
Société Générale
(France)
|
|
11
|
Royal Bank of Canada
(Canada)
|
36
|
Wells Fargo
(United States)
|
|
Tie*12
|
National Australia Bank Limited
(Australia)
|
37
|
Intesa Sanpaolo
(Italy)
|
|
Tie*12
|
Commonwealth Bank of Australia
(Australia)
|
38
|
China Development Bank
(China)
|
|
13
|
Toronto-Dominion Bank (TD Bank)
(Canada)
|
Tie*39
|
Banque Fédérative du Crédit Mutuel (BFCM)
(France)
|
|
14
|
Westpac Banking Corporation
(Australia)
|
Tie*39
|
Landesbank Baden-Württemberg
(Germany)
|
|
15
|
BNP Paribas
(France)
|
40
|
U.S. Bancorp
(United States)
|
|
16
|
HSBC Holdings
(United Kingdom)
|
41
|
Nationwide Building Society
(United Kingdom)
|
|
17
|
Banco Bilbao Vizcaya Argentaria (BBVA)
(Spain)
|
42
|
Agricultural Development Bank of China
(China)
|
|
Tie*18
|
Scotiabank (Bank of Nova Scotia)
(Canada)
|
43
|
Shizuoka Bank
(Japan)
|
|
Tie*18
|
Australia and New Zealand Banking Group
(Australia)
|
44
|
Northern Trust Corporation
(United States)
|
|
19
|
DBS Bank
(Singapore)
|
45
|
CoBank, ACB
(United States)
|
|
20
|
Caisse centrale Desjardins
(Canada)
|
46
|
National Bank of Abu Dhabi
(United Arab Emirates)
|
|
21
|
Crédit Agricole
(France)
|
47
|
National Bank of Kuwait
(Kuwait)
|
|
22
|
Nordea Bank
(Sweden)
|
48
|
Pictet & Cie
(Switzerland)
|
|
23
|
Svenska Handelsbanken
(Sweden)
|
49
|
Barclays Group
(United Kingdom)
|
|
24
|
BNY Mellon
(United States)
|
50
|
Bank of Tokyo-Mitsubishi UFJ
(Japan)
|
|
25
|
Oversea-Chinese Banking Corporation
(Singapore)
|
|
|
Most U.S. Banks Land in Bottom Half
Global Finance has just released its 20th Annual Ranking of
the World’s 50 Safest Banks. This year, the United States had six banks
make the list. Unfortunately, all but one fell into the lower half:
While these numbers appear to be a bit disappointing for the U.S., they are actually an improvement over last year’s list
where only five banks appeared (BNY Mellon, JPMorgan Chase, Wells
Fargo, U.S. Bancorp and Northern Trust Bank) and none of them appeared
in the top half.
Why Many U.S. Banks Are Considered Unsafe
It’s no secret that the United States has been economically troubled
since the financial crisis in 2008. Millions have been laid off from
their jobs, the stock market has been volatile and foreclosures have
reached record highs. In the middle of the troubles have been U.S.
banks.
Banks have taken the blame for both mortgage securities and
robo-signing scandals that have caused significant damage to major
sectors of the economy. Notes from Global Finance show that these factors could indeed play a role in U.S. banks not placing higher on the list.
“Bank stability is an ever-more pressing concern for the world’s
corporations and investors,” the magazine noted in the list release. It
went on to say that “companies are watching closely to see how these
events are affecting their counterparties.”
While the magazine did not outright say that troubles of the U.S.
economy have resulted in banks’ lower rankings, it did note that
companies look for long-term credit strength when choosing which are
considered safe enough to partner with. With the recent debt default
scare and subsequent credit downgrade from S&P, the outlook for U.S.
banks may be a bit shaky.
