What is this forums sentiment

punipa16
Junior Member

Posts: 70

What is this forums sentiment Jul 6, 2022 4:36:11 GMT

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Post by punipa16 on Jul 6, 2022 4:36:11 GMT

Jul 5, 2022 14:08:50 GMT grayeagle said:

(Mind you, I'm not a native english speaker, so I need to translate my thoughts and it can sound a little funny)

To answer your question, I'm almost certain that it's a program similar to E65.

I think I understood the handling process differently.

My version:
After the lawyers have performed the KYC, they proceed to pay out.
When it is clear what you get, then they start calculating tax and that is withheld or remitted.
This will probably be done in the country where the funds reside before being transferred to the beneficiary's account.
After deducting the tax, the rest will be deposited into the beneficiary's account.
Once that is done, the law firm will make contact with the beneficiary's tax authority in the beneficiary's country of residence
and inform them that the beneficiary has received an amount of money.

There are at least two ways to receive the funds, cash or in crypto(BTC).
If the beneficiary choose cash, then everything is clear and the process just rolls.
If the beneficiary chooses crypto e.g. BTC, then it gets a bit confusing for me.
(Now that the BTC has fallen sharply, you would say it is attractive to choose BTC. But the BTC has lost a lot of its strength and it will take some time to recover.)
Okay, so if the beneficiary has chosen BTC, then it becomes a bit tricky.
I know that there are already a few countries that have made the accumulated BTC assets taxable but this is not yet the case everywhere.
And as long as there is no clarity on that, it remains guesswork.

Did it similarly go for a long period of time? The program's been around for 23ish years, so would you say this program was similar in schedule?
Was payout 'recent' (could be anything to a few years ago)

Deleted
Deleted Member

Posts: 0

What is this forums sentiment Jul 6, 2022 7:01:24 GMT

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Post by Deleted on Jul 6, 2022 7:01:24 GMT

Please don't take this as gospel, but this is how I have interpreted the information that has been provided on the Telegram channel. (I would urge all to revisit the posts and confirm the details below are an accurate interpretation of the postings)

The accounts of the members (Based on the details provided by Mike to the lawyers) of the Bullion group and the EXFdtn group will be provided to the lawyers for auditing.
Once this is completed the Lawyers will then provide the audited information to the IRS for checking.
The taxes that are due for theses accounts will be paid to the IRS based on these audited documents.
The fine imposed by the SEC has also been paid from the benefits of the trading program.(This is an assumption only)
Once the IRS has confirmed that the amounts received for the Bullion Group and the EXFdtn Group are confirmed correct, the balance of the proceeds of the trading platform for theses groups will be released to the lawyers trust account.
Once this has happened the lawyers can then proceed with the KYC process for these two groups.
The balance of the E65 group will then have their accounts processed in the same way as above.
The docs that you should receive from the lawyers post KYC process, should have full details of the audit of your account, detailing the full amount that you were owed less the tax paid to the US Gov, the US State Gov. and the percentage to be paid from your account to the lawyers. (10%).
The balance of your account will then be transferred to the bank account that you provide to the lawyers once the KYC process has been completed, whether that is the Bullion Group, EXFdtn Group or the E65 Group.

As I said at the start of this thread, this is only my interpretation of the completion process based on the information provided via the Telegram Channel. There may be additional steps that need to be completed that I have not taken into account.

I must say that these comments in no way confirm that this program will in any way reach the completion that we would all like to think, it is simply my understanding of how the process should pan out if the program is legit

Last Edit: Feb 14, 2023 15:44:41 GMT by Admin

retired
Full Member

Posts: 110

What is this forums sentiment Jul 6, 2022 21:24:36 GMT

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Post by retired on Jul 6, 2022 21:24:36 GMT

I can't believe the funds can be taxed twice--both in the country where the funds are held and then by the taxing authority in the country where the E65 member resides. According to Investopedia, "Headquartered in Washington, D.C., the IRS services the taxation of all American individuals and companies." It seems unlikely they would take taxes out for members from other countries.

Last Edit: Feb 15, 2023 21:07:44 GMT by retired