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CGCPA
CGCPA, CPA
Category: Tax
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Experience:  over 40 years experience in tax matters
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i am a non US citizen, who has bought and sold US based stock

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i am a non US citizen, who has bought and sold US based stock in the US. i have not submitted W8-BEN forms and the IRS has frozen the wire transfer from the sale of my shares. a time delay of 8weeks must elapse until i am proven a non US resident not liable for taxes owed to US government. i am told a payment of a cooperate tax to the IRS, will release the freeze on the transfer, and then i shall be eligible for a refund of the tax paid a further 8 weeks or so, once i have been proven a non US citizen and not eligible to pay taxes to the IRS. can anyone validate these findings and shall i secure a US based tax attorney ?

Submitted: 1 year ago.
Category: Tax
Expert:  CGCPA replied 1 year ago.

Welcome to Just Answer. I am here to help you resolve your tax and finance concerns. Please feel free to ask anytime you need extra help.

 

I would be extremely careful here. There have been numerous scams in this area. The payer/processor of the funds is required to secure form W8-BEN from you and then withhold taxes accordingly. The taxes withheld are then paid to the IRS for credit to your account and until a tax return is filed by you reflecting the actual gain/loss and computing the tax actually due. Any amount overpaid is then refunded to you by the IRS. That is how it is supposed to work. The scammers tell you otherwise. They demand (usually in polite terms) a tax payment to you and promise to then finish the stock sale sending the payment to you. What they actually do is keep your "tax" payment and disappear. From what you have stated you are being scammed. I would refuse to deal with them unless they comply with the law. They will send you a couple of demanding emails/letters and then go away. If they were doing this following the law there would be no 8 week delay. The delay is to provide them time to clear your payment and then hide.

CGCPA, CPA
Category: Tax
Satisfied Customers: 3733
Experience: over 40 years experience in tax matters
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