Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 15-07-2011, 07:44   #16
Registered User
 
Doodles's Avatar

Join Date: Nov 2009
Location: Virginia, USA & Krabi, Thailand
Boat: Wauquiez Pretorien 35; Nordica 16
Posts: 2,810
Images: 1
Re: Offshore Banking

Quote:
Originally Posted by Tony B View Post
The problem was not the fault of the IRS. If you have to get mad at someone, get mad at the broker. As for the IRS having your money, it sometimes can take several months to get it allstraightened out. If they took what you owe them, I seriously doubt that you will get any of it back. It will be credited against your account though. If they owe you money, you will get your money eventually (several months) but they will add interest onto it. I was surprised once when I finally got my overpayment money back from them and it was a higher amount than they owed me - they automatically added interest to it.
Why do you say its the broker's fault? The OP indicated it was the IRS ...

Quote:
sabray said:

The IRS which has been very good to work with goes oops yeh we shouldn't have done that our bad.they are trying to set it straight.
__________________

__________________
Mundis Ex Igne Factus Est
Doodles is offline   Reply With Quote
Old 15-07-2011, 11:59   #17
Registered User

Join Date: Jan 2007
Location: South Florida- true heading-Sou' by SouEast
Boat: HiStar, Sundeck, 48 feet--
Posts: 38
Re: Offshore Banking

Greetings fellow Mariners—time to share ….

Based on 30 years in the trenches of THE LAW—would add….

Battling any Tax Assessment in any country--

1. Get the Best Advocate.. In this case—A Tax Attorney—with at least 10 years experience-admitted to the United States District Court and United States Court of Appeals for that District-….Early in the dispute—As to that cost-I have hired Attorney’s Attorneys…and money well spent…. is a joy.

2. Brokers are sued all the time and their Insurance Coverage---S.B.S… SETTLES BEFORE the STINK—Since Banks/Insurance/Brokerages are now vertically integrated- {thanks Republicans}-
Read the history of the Sherman Antitrust Act-

Conscious parallelism-

Betcha-most of you Boat Owners/Captains carefully plan the tax future of the vessel-

1. Customs fees-
2. Cruising permit fees-
3. Nationality of the vessel-{lots of British Virgin Islands flags flying}-

BUT ….How much thought to the Captain’s tax universe-

As we used to say in the Coal Mines, when we got out the sledge hammer….Hit Smart, not Hard.
__________________

__________________
LexLocal
"Done with the Compass-Done with the Chart!
Rowing in Eden-
Ah, the Sea..." Emily D.
LexLocal is offline   Reply With Quote
Old 15-07-2011, 12:20   #18
Registered User
 
sabray's Avatar

Join Date: Aug 2008
Location: Wash DC
Boat: PETERSON 44
Posts: 3,169
It was a bit of everyones fault. The broker made a mistake sloppy. The IRS acted because preset time frame was passed. The time frame was theirs to complete the review. So they made a big mistake. Then the bank refused to restore the funds because the IRS didn't fill out the form properly. Bank made a mistake by filling the form in the trash. The bank is bad because I as a customer could not find anyone to look into and follow the progress. I explained I was having communication problems because of my location. Bad bailed out bank. I will be looking for a mid sized bank that prides itself on customer support. I made a mistake by not getting a pro in the first place it seemed like a real simple mistake to correct. Although I had checked awhile back on the status I should have checked again. I should have sailed straight to block island rather then beating to windward on the jersey coast.
__________________
sabray is offline   Reply With Quote
Old 15-07-2011, 13:00   #19
Registered User

Join Date: Jul 2011
Location: Alameda, CA
Boat: C&C Newport 41
Posts: 586
Re: Offshore Banking

everyone thought i was insane when i installed a safe on my boat but i wanted to be able to keep 3 months worth of cash on hand (plus cash for repairs etc) and dont want to worry about getting robbed.
__________________
ssanzone is offline   Reply With Quote
Old 21-12-2011, 16:42   #20
Registered User
 
sabray's Avatar

Join Date: Aug 2008
Location: Wash DC
Boat: PETERSON 44
Posts: 3,169
Re: Offshore Banking

End of this story.
Instead of going to block Island I diverted and worked the cell signals off the Jersey shore. I really was banking offshore. Great sailing until barnegat where a cold front came down and I slammed and beat my way to new york and through the east river. The Jersey chop was relentless twas a slog. The wave period is short and walls steep. sometimes they double up and you fall then everything is water. Hours and lonely hours of pounding and watchin. I was tired but not not exhausted. clipped the tides just so and drifted up the river.
Funds were restored. Today 5 months later in my monthly follow up phone conversation I was informed The IRS has closed the case and agree I did not make 1.5 million in 2007. Kinda wish I did make that kinda money but at least Im not in the sinker to the IRS for over a half mil. Bank of America never refunded the bounced check fees. Sailed long island sound and up the Connecticut river. Really no moral except it is better to have access to a bank that cares then an institution of mindless drones. I was impressed with the IRS thogh they screwed up their staff was always calm and informative often helpful. Hope I never have to deal with that again.
__________________
sabray is offline   Reply With Quote
Old 21-12-2011, 18:46   #21
Registered User
 
bella's Avatar

Join Date: Mar 2003
Location: Old SouthEast
Posts: 244
Re: Offshore Banking

Quote:
Originally Posted by sabray View Post
End of this story.
Bank of America never refunded the bounced check fees.
First mistake was having BOA to begin with...
Had my debit card stolen at work.. found out right after Hurricane Jeanne when I tried to pay for gasoline. BOA refunded stolen money but not the check fees. I removed my $$ immed and put it in USAA.
I was rewarded for that last Aug when my son had his USAA acct and his Fort Bragg credit union hit by another soldier while he was deployed.. (soldier is also deployed with my son)
FBCU never even blinked as thousands went out of my kids accts.. USAA sent both of us an email asking if the $8.75 that was charged to his acct via the internet from A'stan was legit.. it was not..
FBCU refunded the money, only after I drove up there from Fla and pretty much danced on desks. <--metaphor, I called the General who is on the BOD. HE did the desk dancing.
Cannot reccomend USAA or Navy Federal Credit Union more..
Anyone can use USAA bank.. btw... cust serv reps are oustanding and amazingly helpful.
__________________
bella is offline   Reply With Quote
Old 21-12-2011, 19:00   #22
Senior Cruiser
 
Cheechako's Avatar

Cruisers Forum Supporter

Join Date: Aug 2006
Location: Skagit City, WA
Posts: 19,363
Re: Offshore Banking

I see no mention of a broker....? Am I missing something? At any rate, get a lawyer.....
__________________
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard











Cheechako is offline   Reply With Quote
Old 21-12-2011, 19:25   #23
Registered User
 
sabray's Avatar

Join Date: Aug 2008
Location: Wash DC
Boat: PETERSON 44
Posts: 3,169
Re: Offshore Banking

Quote:
Originally Posted by Cheechako View Post
I see no mention of a broker....? Am I missing something? At any rate, get a lawyer.....
Broker misfiled in 2007. I dumped before things went bad. Cost basis was f'd up. Yes I made money but my filing was right.Twas ffff'd up cost basis by broker looked like I made more then I did that staretd this whole thing. Filing rejected and because of the million dollar plus goes into back room special bunch. Meaning quanity owed is so large it is put into a special high debt review. It is very difficult to get back door to these higher income reviewers. In the end as I said I have been relieved of the false tax burden. I did some sailing it makes for a good story my checks cleared with some fines. Next year I will make it to Maine or maybe I will shoot South. I am going to frame the IRS letter that shows me owing 860,000 dollars.
__________________
sabray is offline   Reply With Quote
Old 22-12-2011, 08:35   #24
Registered User
 
capn_billl's Avatar

Join Date: Aug 2010
Location: Houston,Tx
Boat: Maxum 37'
Posts: 1,587
Re: Offshore Banking

I'm glad this was finally settled. You never know how bad your banker is until the chips are down. I've even gotten better service than that from a bigger bank, just not your's.
__________________

__________________
capn_billl is offline   Reply With Quote
Reply

Tags
offshore

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Light Wind Offshore and those Popping Sails forsailbyowner Deck hardware: Rigging, Sails & Hoisting 1 12-07-2011 14:06
Texas to FL Coastal Cruising F51 General Sailing Forum 5 10-07-2011 01:12
For Sale: Dodger - Heavy Duty Offshore Design DCGSAILING Classifieds Archive 9 05-07-2011 21:16
Offshore purchase - When can I return? swvoltz Rules of the Road, Regulations & Red Tape 13 03-07-2011 07:58



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 21:48.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.