I agree what has happened to tallinex, FXChoice in belize also went into this forever upgrade loop which they never came out of, 16 months now. I am dead in the water, cannot fund either of my forex accounts.
You are not able to fund your FXChoice account either?
Iāve been wondering lately about just how safe my money really is at Tallinex from one of the worldās worst predators, the IRS. I do not at this time have a large account with Tallinex, but hopefully it will grow. If anyone knows the answer to the following question, I would appreciate it if he would tell me the answer here on this forum.
Question:
āIf the IRS decides it wants to be unreasonable, and it makes the decision, without any proof or evidence, to try to seize all the money they can get from a traderās account at Tallinex, can the IRS really just grab that money and run?ā
I donāt think the IRS has the authority to grab money out of an offshore broker like that, but since I have sometimes made mistakes in judgment before, I thought I would ask this question to try to confirm my thinking here.
In situations like this, one possibly may not be able to sue the IRS to get his money back, so he may be at the total mercy of the IRS. A law was passed making the IRS immune to lawsuits in certain cases.
I was just about to ask a similar question. If I happen to do well over a year, no $10,000 well but letās just say $5,000, what are my obligations to the IRS?
I donāt mind paying taxes, as much as I hate it, to stay ālegalā in the eyes of the man.
Really want to start trading CFDās but because I canāt afford the huge amount of capital needed for 1,000 lot sizes of CL. So offshore it is. Looking at ForexBrokersInc
Short answer: You have two obligations.
[B]1.[/B] You must report your offshore forex profits on your tax return, just the same as if those profits were earned in a U.S. forex account.
[B]2.[/B] If you have one or more offshore financial accounts (bank accounts, forex accounts, etc.) and if the combined balance in those accounts totals $10,000 or more at any time during the tax year, you must file a form called FBAR, reporting all of your offshore financial accounts and the balances contained in them ā[I] regardless of whether you earned any taxable income in those accounts.[/I]
Some time ago, I wrote a more detailed answer to this question. I will dig it up, and give you a link to it.
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i went with traderway for my 2nd broker as i had no problem funded my account with credit/debit card but i prefer tallinex as my number one broker
Thanks Clint!
I think Iām going to hold off on the offshore account stuff, and just use their accounts as a demo to practice. I donāt have the time to deal with the IRS this year with school and an infant. Iāll just stick to US based brokers for now and hone my skills, and hopefully have money set aside for a tax accountant that deals with this type of stuff.
Currently my wife wants to kill me for doing stocks and adding to her tasks of doing taxes anyways, especially since i traded UVXY and TVIXā¦
The IRS certainly can get involved when unidentified/suspect funds reach a US bank, but that typically hinges on whether the US bank decides to report those incoming funds to the IRS.
If your bank was not expecting the funds to arrive and they were sent from a tax haven bank then thereās a very strong likelihood that the IRS will be notified. However, if the wire instruction includes an explanation from the sender (ours do), isnāt sent from a tax haven jurisdiction (ours are not), and you forewarn your bank of the impending deposit, (for amounts >= $10,000) then there should be no issues.
I would have thought that was pretty obviousā¦ yet another acquiring bank had enough with US government BS 
Whatās wrong with a bank wire?
Kind of you to say so 
so are guys making adjustments like finding another company that can deal with U.S. clients you havent asnwer the question on how you gonna fix the problem, im sure you guys can find out the card processor that traderway is using
sometimes when i hear you talk like this it makes me feel my money is less secure with you guys, your just a turn off all around
Thatās putting it mildly. It takes only [I]the most cursory[/I] ādue diligenceā to run a mile, from this outfit.
makes me wonder if the C.E.O. of the company cares how this guy is representing his company because if he do this guy would of been fired by now
It isnāt possible to find out which acquiring bank is being used, as the name is not publicised in any wayā¦ and we can hardly call up and ask
We are attempting to find a replacement - the issue is that Uncle Samās BS regulations has made them as rare as henās teeth. Can only suggest checking the back-office regularly to see if the feature is active.
Brokers in this arena have enough issues to deal with as it isā¦ we really donāt need people making comments that could attract adverse attention. This is a public forum, after all, and that behoves a little forethought to avoid posting questions that might be adversely misconstrued.
I fail to see the link between berating a foolishly-worded question in a forum and the security of your funds.
Please provide that āmost cursory due diligenceā - we are all dying to learn what you have discovered!