How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2863
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

Is there any IRS regulations regarding business wire

Customer Question

Is there any IRS regulations regarding business wire transfer to other countries for purchasing products to be sold in USA?
JA: Thanks. Can you give me any more details about your issue?
Customer: I am a wholesaler. I like to buy products form China. companies in China asked for Wire transfer as a method of paymnet. Do I need to report to IRS. If so, what form do I need to fill up ?
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 9 months ago.
Category: Tax
Expert:  Barbara replied 9 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There is no requirement to report wire transfers to China (or any other country) to purchase products for your business to the IRS.

Please let me know if you require further information or clarification. If so, I will be happy to assist you. If not, please take a moment to rate my answer since that is the only way I receive credit for answering you and alerts Just Answer to compensate me for a portion of the fee you previously paid.

Thank you and best regards,

Barb

Expert:  Barbara replied 9 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.

Best regards,

Barb

Related Tax Questions