Quote:
Originally Posted by JJE
Gotcha, but what's the difference between a business and a personal account in terms of reporting?
|
America made corporations into entities like people. So if you are one, it acts separately from you and isn't required to be reported. If you get money paid to you on Paxum, and you are having it sent to a personal account, and you are s USA citizen, you are supposed to be self reporting the account to both the IRS and the FBI. Nobody is doing that. Hence the issue. Along with you self reporting it, Paxum is supposed to be reporting it as well. Major headache for them.
The reason a business does not have to report is that it is not a citizen. It is an entity, like a person, but not a citizen. So because the law says citizens, businesses are not included.
Other countries are complaining about this law because it is causing them hundreds of millions in losses by both their own regulators and their companies. Much more in aggregate than America is making in recovered funds. I expect the GOP to shoot this law down. It was created in partisan bullshit when the banks got bailed out and everyone blamed the 1% for their stupidity. It was the Democrats showing their constituents they were going to punish the rich.
Well.. now the entire world is getting punished by an overreaching law.