About MCYRCPA

Status:

Preparing to Move Abroad 

Gender:

Male

Currently Lives:

Citizen Of:

United States

HR/Relo
Professional:

Provider of Expat-Related Services & Products

Education:

Washington State University
  1994 to 1997

Some Forum Posts:

Philippines: Banking and money in the Philippines (Or you must be kidding.......we aren't by the way.):

This is probably good advice. But, twenty years ago in Mindanao where I met my wife, No one accepted any type of visa or master card or american express. Cash was the only payment method. I saw too many Americans that thought there cards would work there and had to borrow money from the natives to survive. Even six years ago a large bank in the Phillippines in a major city refused to accept any thing but Cirrus cards. They had no idea what a Cirrus card was. (Cirrus is a little emblem on the back of many credit cards), There is nothing wrong with opening a bank account in the Philippines. The IRS could care less what is going in and out unless the balance exceeds $10,000. Don't expect the savings accounts to pay interest. The savings account we opened for my wife wife in Mindanao charged 2% per year for keeping your money safe. I guess that paid the guard with the machine gun at the front door. God Bless

Philippines: Tax business in Philippines:

I am licensed as an enrolled agent with the Internal Revenue Service in US. Soon to retire on pension in the Philippines. Will I be able to setup my own business representing expats in the Philippines for US taxation? I am afraid I might get bored if I didn't have anything to do but raise pigs and go fishing.

Philippines: UK Private Pension:

The Philippines does not usually tax income that was earned outside the Philippines. Pensions from the U.S. are not taxed in the Philippines. You should review the UK/Philippines tax treaty for whether your UK pension is taxable in Philippines. If you need further help, contact me: Michael Wayne Cyr, CPA, EA, CGMA mcyrcpa@hotmail.com

Philippines: Balikbayan box services: US to Philippines:

There was a tv news release in U.S, don't know what channel or maybe TFC. About Philippines b-box inspectors stealing millions of dollars of goods from B-Boxes each day. There was also a TV news release about guns being smuggled into the Philippines in B-boxes from U.S. I would recommend sending only legal goods in your boxes. We have never had a problem with LBC. Any more than 12 of the same item is generally considered to be goods for resale and is subject to confiscation.

Philippines: US INCOME TAX RETURN:

As long as you are a US citizen you are required to file a US tax return based on your worldwide income. You are never exempt from having to file. If you have $10,000 or more anytime in a foreign bank you must also file a return reporting the amount in the bank. If you do not you may pay hefty penalties. If you one $50,000 in a foreign corp this must be reported on yet another form. Michael Wayne Cyr, CPA, EA, CGMA

Date Joined:

1/28/2017

Total Posts:

9

Posts/Day:

0.13