Video Summaries for Privacy Fight Ultimate - U25 to U49
U25 – Debt Collection Review – Watch Now
“U25 – Debt Collection Review – Privacy Fight” is an in-depth analysis and critique on how to handle a consumer debt lawsuit. This discussion, presented by John Jay, primarily focuses on an example of a credit card debt lawsuit and highlights several misconceptions around the debt collection process.
In the analysis, John Jay meticulously goes through a specific case he found online, involving a third-party debt collector and a debtor. He clarifies the distinction between debt and liability, explaining that they are not the same, as commonly misunderstood. The speaker also elaborates on how third-party debt collectors function in America and discusses various aspects of dealing with them.
This review highlights the importance of understanding the laws regulating debt collection practices, such as the Fair Debt Collection Practices Act in the United States and the Rosenthal Act in California. It is emphasized that understanding these laws can help a debtor protect their rights and navigate the legal proceedings effectively.
John Jay further dissects an example of a debt collection letter and points out certain irregularities often overlooked by debtors. He explains how the alleged debt is usually not well-defined or proven, but is instead a vaguely described amount, potentially leading to misunderstandings or exploitation.
The speaker critiques the legal aspects of debt collection as well, pointing out potential loopholes and ethical concerns. For instance, he talks about the lack of personal responsibility for debt collection practices, noting that it’s often difficult to identify individual attorneys within law firms involved in these processes.
John Jay also underscores the complicated nature of debt transactions and assignments, pointing out that the specifics of a debt agreement are often obscured within convoluted paperwork and legal jargon. He demonstrates how this can lead to complications in identifying the real debtor or creditor and determining the legitimacy of the debt.
In conclusion, the review provides a comprehensive view of the debt collection process in the United States, and John Jay emphasizes the importance of understanding the intricacies of the system to successfully handle a lawsuit. It is a critique on the flaws and complexity of the current system, highlighting areas where debtors need to be more vigilant to protect their rights.
U26- Using Business Credit, Net 30, lines of credit, versus Real Estate – Watch Now
“U26- Using Business Credit, Net 30, lines of credit, versus Real Estate – Privacy Fight” is a discussion led by John Jay about the use and benefits of business credit. Jay introduces the topic, expressing that he often interacts with people curious about whether they should get credit cards for their Limited Liability Companies (LLCs), usually prompted by receiving credit card offers. He explains that these credit cards, though under the business name, are often underwritten using the owner’s personal credit file.
Jay also mentions his YouTube channel ‘the privacy fight’ and the ‘ace of coins’ blog, which offer more insights into such financial strategies. Despite minor distractions from setting up an online waiting room by mistake, he promises that the session will be published without editing to maintain the raw interaction.
Emphasizing that business credit is valuable, especially in the later stages of a business where it helps offset risk, Jay explains that when business owners use their own cash for assets, they also become their own lenders, which requires expertise and networks within the industry. He distinguishes between personal credit files and a company’s balance sheet, which is, in his context, its ‘credit’.
Jay then explains the process of building business credit for an LLC, starting with Net 30 accounts rather than a credit card. He mentions Dun and Bradstreet as a company that helps in this process, noting that they lift marketing data to establish a business credit file.
With a credit file in place, businesses can then turn to Uline, a catalog service offering Net 30 terms, enabling businesses to establish a payment track record. While Net 30 terms may not be initially useful for new businesses, prompt payment improves the business credit score.
Once a solid business credit score is established, businesses can then pursue larger lines of credit. Jay cautions that this should not be undertaken lightly and that the credit should have a clear business use. He also emphasizes that business credit should not replace personal credit habits, but supplement them for business purposes.
Finally, Jay touches on the subject of real estate, explaining that many banks are unwilling to lend for commercial real estate. To secure such a loan, the business owner may need to search extensively for a suitable lender. He then invites questions from the audience on the subject of business credit, emphasizing the importance of staying on topic for the benefit of future listeners.
U27 – LLC Purposes and Techniques – Watch Now
John Jay hosted a session on the uses and strategies associated with Limited Liability Companies (LLCs). He expressed his intention to delve into commonly known topics and possibly add new perspectives. To supplement the session, he directed the audience to further resources on ACEP coins dot com and privacy fight dot IO.
Jay began with an anecdote about assisting a visually impaired client with a spreadsheet over the phone. This experience influenced his attitude towards clients, which now is centered on not prejudging their situations. He explained that the documents he prepares are a result of ‘reverse engineering’ problems he has encountered over time.
He clarified that LLCs are public by nature due to the requirement of state approval and this allows property rights to be demonstrated in a certain way. In instances of risks and potential liabilities, Jay advocated for adjustments to property rights and the process of amending the articles through the Secretary of State’s website.
In relation to potential legal situations, Jay believes that the LLCs are unlikely to be involved in court proceedings due to their newness and the ease of dissolving and recreating them under different names. He stressed on the importance of having an operating agreement, a legal document that outlines the operational procedures and guidelines of an LLC, and advised against detailing disbursement schedules within this document as it could create vulnerability to creditors.
The session also discussed the integration of blockchain technology into LLCs, emphasizing the need to understand how to manage private and public keys to maintain control over assets. As a precautionary measure, he advised against having all members sign a commercial lease agreement, instead recommending a single or third non-guarantor member for the signing process.
In order to mitigate risks, he recommended naming an association as the owner of shares or the sole member of an LLC, given the proper understanding of its implications. He also mentioned the possible use of offshore companies for individuals with business interests abroad, especially when there isn’t a reciprocal agreement between countries. In terms of accounting needs, he noted that while he personally uses bookkeepers, the choice between bookkeepers and CPAs depends on individual needs and business scale.
U28 – Form 1040, Answering Yes or No on Crypto-Purchases — Part I of II – Watch Now
John Jay’s video primarily focuses on the reporting of cryptocurrency purchases on Form 1040 for tax purposes. He stresses the importance of understanding that, as per IRS regulations, cryptocurrencies are considered property, akin to gold. Jay also advises against getting misled by misinformation from various online sources, maintaining that IRS guidelines are accurate and should be adhered to.
A key point Jay highlights is that if the only transaction involving virtual currency in a given year is its purchase with real currency, one is not required to report ‘yes’ on Form 1040, according to IRS guidelines. However, if one uses cryptocurrency to purchase different cryptocurrency from another person, this transaction must be reported.
He also emphasizes the concept of ‘beneficial interests’. If these interests don’t change in a transaction, there’s no sale or purchase to report. Though Jay acknowledges there are ways to conduct transactions involving cryptocurrency that may not be known to the IRS, he urges caution, promoting understanding of the language used by the IRS.
To conclude, Jay’s video aims to simplify the reporting of cryptocurrency transactions on IRS Form 1040. He calls for careful understanding of IRS guidelines, advising against relying on erroneous information from untrustworthy sources. His central argument focuses on the distinction between transactions involving real currency and cryptocurrency and those that involve trading between different cryptocurrencies.
U29 – Form 1040 Yes or No Part II of II – Watch Now
In the video, John Jay presents a discussion on the complexities and legalities of answering “yes” or “no” on Form 1040, specifically as it relates to cryptographic currencies and private equity. He offers context and clarifications based on a previous video, aiming to share more detailed insights on the subject. He talks about the importance of understanding the trust relationship in a cryptocurrency exchange, explaining how private keys and coin ownership work.
Jay explains that exchanges are seen as a purchase for sale, and as such, Form 1040 should reflect this by answering “yes” if the user was the purchaser. He clarifies that this applies to individuals who typically file Form 1040, as opposed to trusts or LLCs. An important point he emphasizes is that the change in beneficial interest is in trust, and tax consequences do not arise until there’s a distribution in dollars to the beneficiary.
However, if the beneficiary is a person who regularly files Form 1040 or a tax return, this creates a reportable and potentially taxable situation. He also underscores the unique trust relationship between an exchange and the account holder due to the private key ownership dynamics. He gives an example of the process they follow when dealing with the IRS.
Lastly, Jay encourages audience interaction and takes time to answer questions. Topics in the Q&A segment range from additional information on Form 1040 to managing bank accounts and operating agreements. Jay concludes the discussion by answering a complex query about offshore transactions and income reporting, underlining that the entity in control of the funds must claim the income for it to be taxable.
U30 – Algebra and Crypto Taxes – Watch Now
This dialogue titled “U30 – Algebra and Crypto Taxes – Privacy Fight” explores the intricacies of cryptocurrency, particularly in relation to taxes and privacy concerns. The speaker starts by addressing the volatile nature of the crypto market, emphasizing that individuals should only invest funds they can afford to lose.
The dialogue proceeds to clarify cryptocurrency reporting rules set by the Internal Revenue Service (IRS). According to the speaker, the IRS treats cryptocurrency like gold, considering it property rather than currency. This definition has implications on how transactions with cryptocurrency are taxed. If cryptocurrency is traded for another currency or goods, a taxable event occurs.
The speaker advises listeners not to structure all their affairs simply to avoid taxes as it can lead to missed opportunities and potential legal issues. They explain the concept of ‘beneficial interest,’ which refers to the extent of an individual’s rights in property. They note that tax liability arises when the beneficial interest in a property changes.
The conversation delves into more specific scenarios, such as the implication of converting cryptocurrency to USD on platforms like Coinbase. It is clarified that this action will trigger a 1099 form from the platform. The speaker, however, warns that this is not financial advice, merely an exploration of possibilities.
Towards the end, the discussion touches on privacy issues concerning transmission and storage of personal data, acknowledging that no system is entirely secure. The speaker also discusses the use of associations or entities for owning property as a way to separate personal liability, though they advise consulting with a tax professional before making such decisions.
Finally, the speaker shares their personal journey into the world of cryptocurrency and encourages listeners to explore and learn more about this complex and fast-evolving space. The discussion concludes with insights into probate and will, emphasizing the importance of proper estate planning for cryptocurrency assets.
U31 – Summary of May 21 Discussion — How to Calculate Crypto-Taxes – Watch Now
The discussion held on May 21st between John Jay and Uncle Vigilante revolved around the intricacies of calculating taxes on cryptocurrencies and the associated privacy implications. They addressed a range of topics including the reporting of cryptocurrency purchases on IRS form 1040, the usage of software like Coin Tracker, and the implications of investments such as IRAs and 401Ks.
A key point was the IRS’s clarification on when to answer ‘yes’ on form 1040 in relation to purchasing cryptographic currency. The IRS states that this applies when you use a cryptographic currency to buy another cryptographic currency from a third party, but it doesn’t apply when using dollars to buy cryptographic currency.
The hosts also discussed the handling of taxes in relation to IRAs and 401ks, emphasizing the risks and potential penalties of prematurely liquidating these investments. They urged listeners to carefully consider their financial benefits before doing so, to avoid unintended tax liabilities.
Additionally, they presented a method of calculating taxes based on the original principle invested in cryptographic currency against profits. However, they noted the necessity of separating long-term and short-term gains.
They also addressed the misconceptions and drama created by articles online regarding taxation and IRS powers. They clarified that most people use cash basis accounting, not accrual-based, and are taxed on the realization of cash from assets, not their value.
Lastly, they critiqued the use of software like Coin Tracker and discussed the process of obtaining a determination letter from the IRS if the 1099 form is erroneous. They suggested the need for professional accounting to accurately calculate the value of one’s cryptocurrency portfolio.
U32 – We’re talking about Risk and Examples of How to Identify it – Watch Now
The piece titled “U32 – We’re talking about Risk and Examples of How to Identify it – Privacy Fight” is presented by John Jay, who identifies himself as an entrepreneur. The central theme revolves around risk identification and management, particularly for small and medium-sized businesses with annual income under $5 million. Drawing on his personal experiences, John discusses the importance of managing risk effectively.
John makes his content available through various platforms, including a website, YouTube channel named ‘Privacy Fight’, and a video membership site privacyfight.io. He emphasizes the value of his content for those looking for guidance on risk management and is working on making as much of his content as possible available through these outlets. The content will mainly be centered on managing risk, planning for windfalls, and generating new cash flow.
The crux of the discussion involves explaining risk and its identification through real-life examples. John explains that a significant part of managing risk involves recognizing the potential for loss in various situations, whether it involves $10,000 or $100 million. His motivation for this discussion comes from the observation that many people unknowingly rely on professionals like attorneys and accountants for risk management, who may not have the necessary expertise in the field.
The first case study features a factory owner, Jim, who was advised to purchase $3 million of litigation insurance. Instead, John proposed a more comprehensive approach, suggesting good, fair customer service policies, non-binding mediation clauses, and separating core business operations from potential risks. This approach significantly reduced the potential for litigation and was cost-effective.
The second example involves a consultant who had unnecessary professional liability insurance. John argued that separating personal risk from business risk would be more beneficial. He again underscored the importance of understanding and managing risk rather than blindly following advice from non-experts. Throughout the piece, John Jay emphasizes the importance of a proactive and comprehensive approach to risk management, particularly for entrepreneurs and small businesses.
U33- Privacy is a Property Right and Receivership is a Business – Watch Now
John Jay, in his discussion, suggests that privacy, especially financial privacy, should be seen as a fundamental property right. He raises concerns about the erosion of privacy rights in the financial sector, arguing that one’s financial details should not be freely accessible unless one is a suspect or convicted of a financial crime. Jay further points out that such practices not only violate privacy but can also lead to misuse of personal data.
Additionally, Jay contemplates the potential of blockchain technology as a means to secure privacy and provide control over personal financial information. However, he also warns that the journey towards achieving this may come with its own set of challenges and checkpoints. Jay argues that individuals should not feel guilty about wanting to maintain their financial privacy but rather be outraged when asked to surrender it.
In the second part of the discussion, Jay explores the business of bankruptcy and receivership. He provides a broad overview of bankruptcy proceedings, detailing how they are exploited by trustees who can profit from liquidating assets. He also touches on the New Deal, suggesting it was a reorganization plan primarily for the benefit of the bankers rather than the public.
Jay further discusses the implications of government reorganization plans in the context of bankruptcy. He suggests that these plans can compromise an individual’s access to their own funds, raising concerns about transparency and financial freedom. Moreover, Jay advises caution when considering bankruptcy, citing various alternatives that could potentially yield better outcomes.
Towards the end, Jay hints at future discussions on investment strategies, particularly for individuals looking to place large amounts of capital. He recommends diversification into real assets, private credit, real estate, and private equity. He ends the discussion without concluding his point about the balance sheet of one’s house.
U34 – Hacking the Social Security Number Scheme — Part I of II – Watch Now
“U34 – Hacking the Social Security Number Scheme — Part I of II – Privacy Fight” is a discourse delivered by John Jay about the intricacies of the Social Security number scheme. The presentation starts with Jay recounting his personal journey, starting from the 90s when he first became conscious of the obligations that came with having a Social Security number. Despite initial beliefs that he could surrender the number, he quickly learned that this was not possible and embarked on a mission to understand the system fully.
Jay’s research revealed that the Social Security number, in itself, holds no meaning and only becomes significant when linked to activities like receiving benefits or income. His strategy to extricate himself from the system involved ceasing to use the number and refraining from claiming any benefits. He shares his experiences in dealing with banking procedures, particularly during the 90s when it was still possible to open an account without a Social Security number.
Jay provides an overview of the structure of Social Security numbers, which used to be divided by state allocations. He mentions a guide that was easily accessible online that gave him information about how the numbers were assigned and broken down by states, which he used to his advantage.
According to Jay, the system has changed since 2011 and Social Security numbers are now randomized, removing the geographical significance. With these changes, he says, there are now a billion possible combinations. The talk concludes with Jay predicting that blockchain technology might replace the current system, and he discusses some practical implications of this for the future.
U35 – Hacking the SSN Scheme Part II of II – Watch Now
The video in discussion is the second part of a series exploring hacking the Social Security Number (SSN) scheme. The presenter explains his decision in the 1990s to abandon using a traditional SSN due to changes in banking policies that made it challenging to open an account without one.
The speaker discovered that banks only checked for an associated credit file when opening an account. With this knowledge, he created a new credit profile number, enabling him to bypass the SSN requirement. This approach was based on the understanding that a credit file is created when an individual first requests credit, typically being denied unless a co-signer is present.
The presenter further explains that during the ’90s, SSNs were assigned in groups per state. To create a new file, he had to reverse-engineer how these numbers were assigned. This entire process was documented in a report called ‘credit profile number,’ which he disseminated widely on the Internet, leading some individuals to develop businesses out of it.
The presenter then introduces a website, FICO pump dot com, that offers a comprehensive presentation of the concept. The site showcases a credit privacy number (CPN) or credit profile number and explains the process to create a new credit file using a legal name and a residential address not previously associated with the CPN.
The speaker emphasizes that the CPN should not be used in situations requiring an SSN under penalty of perjury, especially on government forms. He then warns of a minor penalty for non-disclosure of the SSN, usually on tax forms, but suggests that this is rarely enforced.
The video suggests that the CPN scheme, while unorthodox, is a legitimate method for individuals to alter their financial profile or shield their identity in certain situations. However, users must be cautious not to misuse this strategy, particularly in legal or governmental contexts.
U36 – Auditing the Audit Process – Watch Now
In the podcast “U36 – Auditing the Audit Process – Privacy Fight”, John Jay presents a detailed examination of the audit process and how to navigate it. The speaker uses real-life examples to demonstrate the complexities and intricacies of audits, providing the audience with practical information that can be used in the case of an IRS audit. His focus ranges from the IRS audit process, foreign accounts, to penalties and compliance with FinCEN rules.
Jay emphasizes the importance of doing the right thing when filing tax returns, such as not trying to get more deductions than necessary. He advises that for most entities, an audit should not take more than one meeting. In fact, multiple meetings may indicate either incompetence or an attempt to generate billable hours on the part of the auditing entity.
The speaker provides an example of a couple who ran into trouble due to opening multiple foreign accounts, which they failed to comply with the FinCEN disclosure rules. They were faced with hefty penalties due to non-compliance over the past years. Jay intervened in this case, assisting them in filing the necessary disclosure forms and thus cutting their penalties in half.
The IRS audit process is further detailed through this example. While the couple ended up in court, Jay’s intervention and their compliance led to a dismissal of their case. Jay concludes with a cautionary note about the dangers of offshore financial activities and offers tips on how to avoid the penalties and legal complications that can arise from them.
Lastly, the speaker brings another example, a woman who was accused of fraud due to inaccuracies in her business expenses claim. Here, Jay points out the importance of having competent legal assistance in handling IRS audits and defending against legal accusations.
Overall, Jay emphasizes the need for understanding the intricacies of the audit process, ensuring compliance with all legal requirements, and seeking competent professional help in handling audits.
U37 – How to Calculate Crypto-Taxes – Watch Now
This summary discusses a podcast episode titled “U37 – How to Calculate Crypto-Taxes – Privacy Fight,” hosted by John Jay in which he covers the details of taxation for cryptocurrencies. The episode is a detailed discussion that focuses on several aspects of cryptocurrency taxation and privacy.
The first topic addressed was the purchase of cryptocurrency and when it should be reported on the tax form 1040. It was clarified that purchasing cryptocurrency with dollars does not require a taxpayer to answer ‘yes’ to the question of purchasing cryptocurrency on the form. However, if one cryptocurrency is used to purchase another, it must be reported.
Next, the issue of tax liabilities was discussed. The host emphasized the necessity of avoiding tax liabilities whenever possible. Additionally, he discussed the dynamics of retirement accounts, such as the IRA and the 401k, advising individuals to consider the tax penalties of liquidating these accounts early.
A method was proposed for calculating taxes on cryptocurrency, taking into account original investment principal and subsequent gains. It is recommended that investors divide the amount they want to take out of their investment by the new principal to calculate taxes.
The host then discussed the misinterpretation of IRS rules and laws by many articles online, explaining that these rules haven’t changed. There is a critical difference between accrual and cash-based accounting, with the latter being used in the context of IRS Form 1040.
Lastly, he discussed the use of tax software like Coin Tracker, expressing skepticism about its accuracy. The IRS’ internal revenue bulletin and the process of acquiring a determination letter for erroneous 1099 were also covered. The podcast aimed to give listeners a deeper understanding of crypto taxation while also urging them to seek professional advice.
U38 – How to-Escape from Noo York – Watch Now
“U38 – How to-Escape from Noo York – Privacy Fight” provides a comprehensive tutorial on how to establish residency in another state, away from New York, specifically for individuals who wish to open a ‘Brown’ account in Australia. The presenter, John Jay, emphasizes that this process is designed to navigate residency regulations put in place by the state of New York, which can limit the opening of such accounts.
The video goes into detailed steps on establishing new residency in any desired state, including creating legitimate documents such as a lease agreement and a declaration of domicile. These documents provide plausible deniability of New York residency, allowing individuals to bypass restrictions. In this particular tutorial, Jay uses Florida as an example, explaining how to create an address using an apartment complex without identifying a specific residential unit.
The detailed process includes searching for a residential complex in the desired state and creating a lease agreement for that address. This lease is then backdated by a month to give the impression of established residency. This process is primarily aimed at circumventing potential issues with ‘Caleb and Brown’, a service provider that strictly follows New York residency rules.
The presenter assures viewers that this process is legally sound and poses no issues with any authorities. The focus is on ensuring that the service provider, Caleb and Brown in this case, can comfortably provide services without risking any legal problems with the state of New York. This is achieved by giving them plausible deniability about the client’s New York residency.
U39 – Example Organizing an LLC in Colorado – Watch Now
The text “U39 – Example Organizing an LLC in Colorado – Privacy Fight” features John Jay and Marissa discussing the process and benefits of establishing a Limited Liability Company (LLC) in Colorado. The conversation emphasizes the state’s lower regulatory compliance and fewer documentation demands compared to states like New York. It suggests that Colorado, among other states, is more business-friendly as it does not excessively involve itself in business operations.
John Jay and Marissa further explore the process of setting up an LLC, including the need for a registered agent and the potential costs associated with that role. They highlight that even for non-operational companies, it’s essential to officially establish their existence by publishing pertinent details such as the company’s name, the individuals involved, and the duration of its existence.
They delve into the creation of the company’s Articles of Association, a public record detailing the rights and responsibilities of members. They also touch on the nuances of creating an operating agreement, particularly when the inclusion of equity stakeholders is necessary.
Later in the discussion, they address the process of deciding the signer for the documents, stating that one person can fill all roles. They also discuss the decision of the company’s address, suggesting that one could use an office space leasing in Colorado for that purpose, or even use home addresses.
An intriguing point in the conversation pertains to the idea of using a Private Membership Association (PMA) to maintain privacy and property rights. The PMA, in this case, is a legally recognized entity that affords individuals or groups certain rights without requiring extensive documentation. They further discuss how this could be leveraged to ensure the separation of ownership and liabilities, hence safeguarding the individual owners from potential creditors.
In summary, this conversation provides insights into the benefits and process of setting up an LLC in Colorado, emphasizing privacy considerations and efficient regulatory processes. It also delves into the specifics of establishing an LLC, such as designating a registered agent, creating an operating agreement, and utilizing a Private Membership Association to protect individual owners.
U40 – Review & Discussion of LLC Banking Abstract – Watch Now
The given text provides an in-depth discussion by John on the LLC Banking Abstract, a document set that allows individuals to open a bank account with ease. He mentions that the material he provides on ace coins dot com is aimed at helping people get into the banking system, and the company plans to launch a helpdesk for this in the near future. He also brings up his other educational platform, privacyfight.io.
John describes the document’s evolution over time, stressing that its purpose is not only to facilitate the bank account opening process but also to protect the users’ interests and grant them versatility. He distances his approach from that of typical attorneys or CPAs who might render the user as a single member owner without sufficient discussion or protection.
He offers a walkthrough of the banking abstract document, explaining its various pages and sections. Key components include the restatement of the LLC’s articles, clarifications about potential misuse of agent’s names, and stipulations on non-exclusive rights.
John highlights the importance of maintaining the integrity of these documents, cautioning against actions that could risk the user’s setup. He explains that banks are bound by the LLC’s articles filed with the state, but any mistake in these documents can cause legal complications. He believes his method has successfully avoided such situations over nearly three decades.
John also provides insights into the nuances of acting on behalf of another party for the owner of the LLC, a situation that often deems the structure a trust. He advises caution about this terminology, as banks may request to see the trust document.
He expresses frustration at banks potentially interfering in how a company manages risk in exchange for their services. However, John advises individuals to remain flexible and comply with the bank’s requirements to the extent possible without compromising their business structure.
Finally, John emphasizes the flexibility of the banking abstract, indicating that it allows for changes, such as adding partners or signatories, without needing to revise the primary documents. He concludes the session by hoping his explanation helps unravel some complexities of the banking abstract, thus supporting users in their business ventures.
U41 – Discussion about Wealth and Risk Management – Watch Now
The discussion, titled “U41 – Discussion about Wealth and Risk Management – Privacy Fight”, featured John Jay Singleton who shared his investing and asset allocation strategies, with a specific focus on managing portfolios of cryptographic currency. John revealed that his interest in this field was piqued about 30 years ago when he noticed a lack of knowledge about credit and finances in a particular market. His strategies primarily aim to help people change risk, taxes being one of those risks.
The talk explored strategies to reduce the risk of litigation and the potential negative impact on a company’s reputation that can result from being sued. Singleton discussed strategies involving the use of trusts, LLCs and other financial tools for risk management and wealth protection. He explained how individuals can maintain control over their funds, even while using these instruments to manage risk.
In the realm of cryptocurrency management, Singleton provided an example of a high net worth individual who makes a significant amount of money in cryptocurrency but only needs a small portion to live on each year. He explained how to use a company to make investments and borrow money against those investments to meet living expenses while minimizing tax liability.
During the discussion, Singleton shed light on certain considerations when using these strategies, like how to show loan payments and interest rates in case of an IRS audit. He also addressed tax implications for large transactions such as purchasing property or a business. Singleton urged listeners not to be concerned about structuring things in a certain type of company, as long as they manage the coins in their name and don’t sell them for dollars or local currency in their name.
Singleton delved into the topics of structuring tax-free conversions, managing cash flow, managing various kinds of assets, and wealth planning. He shared his experience and strategies, which he has been using for the last 10 years. He also touched on how these strategies can be used for managing inheritances, gifts, and insurance payments in a tax-efficient manner.
Singleton further shared his view on retirement accounts, explaining why he doesn’t recommend them. He argued that although they are good tools, he would rather be liable for the tax and have the freedom to invest in assets and make more money. He talked about a situation of deferring taxes by transferring assets into a retirement account. Towards the end of the discussion, he emphasized that his strategies are legal and align with IRS tax code. He asserted that as long as one doesn’t file a tax reportable action, there are no requirements to file.
Singleton concluded by offering advice on capital gains tax and how to defer it using his strategies. The discussion was designed to equip individuals with information on how to manage their wealth and risks more effectively, particularly in the area of cryptographic currencies and taxes.
U42 – July 28, 2021, Thur Eve with John Jay Open Discussion – Watch Now
This executive summary represents the key points of the “U42 – July 28, 2021, Thursday Evening with John Jay Open Discussion – Privacy Fight” discussion.
John Jay led an open discussion focusing on various aspects of business, privacy, and legal considerations, particularly regarding the establishment and operation of LLCs in different states. He clarified the need to properly register an LLC based on the state’s requirements, and underscored the potential challenges faced when the LLC’s registered location differs from the owner’s state of residence. This is evident when banks demand ‘domestication’ or refuse to open an account for an LLC registered in a different state.
He also advised attendees on the legal aspects related to an LLC, including the role of organizers and the use of real persons’ names. He suggested that anyone could be an LLC’s organizer without bearing liability, and cautioned against using a real person’s name without their consent.
John explained the impact of amendments to the Articles of Association, emphasizing that any changes become public record and legally binding, meaning banks and other entities have to respect the updates.
Choosing the state to register an LLC was another topic of discussion. Jay mentioned his preference for certain states where his clients would face minimal bureaucratic issues. He also talked about the annual report filing, stating that any significant changes should be reported during this process.
He also touched on property ownership and selling properties through LLCs, underlining the possibility of changing property titles and the potential tax implications.
Jay also talked about the specificities of running a brick-and-mortar business and how it could differ from other types of businesses in terms of taxes and legal obligations. He also touched on the complexities of managing business finances and dealing with financial institutions, including cryptocurrency exchanges.
Towards the end of the session, the conversation moved towards personal matters such as prenuptial agreements and their implications on business ownership. Jay mentioned that anyone with concerns should consider a prenuptial agreement.
U43 – Re-allocation Crypto Investments under Certain Standards – Watch Now
“U43 – Re-allocation Crypto Investments under Certain Standards – Privacy Fight” discusses the concept of re-allocating crypto investments for achieving maximum value and privacy. The speaker, John, uses the session to share his thoughts and knowledge on the topic, and some of the platforms he’s associated with that aim to help users better understand investment strategies. Websites such as privacy fight dot IO and ace of coins dot com are highlighted, the former serving as an archive of content strategies while the latter provides a helpdesk feature for tracking inquiries and providing quick answers.
John then delves into discussing the idea of re-allocating investment gains, suggesting a more active and responsible usage of profits, contrasting this to the typical “windfall” approach often taken by investors. The talk then transitions to his perspective on the United Nation’s 17 Sustainable Development Goals, where he expresses skepticism about the realism of these objectives and posits that they hint towards total government control.
On investment opportunities, John presents his viewpoint on the potential in oil, asserting that resources are still vastly untapped and that Texas may have more oil than the Middle East ever did. The discussion further extends to investment in commodities, where he recommends investing with manufacturers of commodities rather than going into the actual extraction and production.
The concept of private equity is also highlighted as an attractive investment method. John suggests that it provides an opportunity for large growth over a short period of time, particularly if one can successfully identify promising projects. He stresses that private equity investments can be used for acquisitions or to turn public companies into private ones.
Lastly, John touches upon non-fungible tokens (NFTs) as a potential investment avenue, advising listeners to pay close attention to the ‘why’ behind their value. The talk concludes with an overview of the process of creating a private placement memorandum to disclose opportunities to potential investors and underscores the importance of understanding accredited investors and the form D used for exemption filings. Overall, the session provides a comprehensive exploration of crypto re-allocation and various investment strategies.
U44 – Transcript – LLC Discussion Regarding Basic Tax Questions and using the LLC, What is Re-portable and Taxable and What is not – Watch Now
The speaker, John Jay, addresses basic tax questions related to Limited Liability Companies (LLCs) in the context of cryptocurrency transactions. He underscores the creation of a helpdesk to provide easier access to information and facilitate discussions around taxes and LLCs. His discourse targets those new to the realm of cryptocurrency, intending to alleviate any confusion by answering common inquiries and debunking misconceptions.
The crux of the discussion revolves around understanding the interactions between LLCs and cryptocurrencies, with a particular emphasis on staking and its associated tax implications. Jay clarifies that cryptocurrencies held in offline wallets within an LLC may not necessitate 1099 forms, as these are typically issued by third-party platforms like Coinbase, not by private holdings or transactions.
Contradicting a common belief, Jay argues that staking rewards shouldn’t necessarily be treated as ordinary income. Instead, they could be seen as such, but it’s not a requirement. He presents a scenario where an LLC operates similar to a “tax immunity trust”, enabling the deferment of tax liabilities according to one’s preference. This approach, he suggests, could shield staking rewards from being classified as income tax.
One of the key points made by Jay is that returns from staking should not be considered taxable income or profit unless converted into traditional currencies like dollars. He criticizes the accounting practices recommended by some CPAs who advise measuring assets as if paid in dollars, claiming this could potentially lead to unrequired tax liabilities.
Jay concludes his discussion by suggesting that an LLC can act as a ‘pass-through’ entity. This means the money is considered to be ‘in transit’ and doesn’t require a taxpayer to account for it, even if the LLC receives a 1099. This approach could provide significant tax advantages for those involved in cryptocurrency transactions via an LLC.
U45 – Discussion on IRS Revenue Ruling 2019-24 as it pertains to virtual currency – Watch Now
This discussion revolves around IRS Revenue Ruling 2019-24 and its implications on virtual currency. The ruling builds on a 2014 declaration that treated cryptocurrencies as property for taxation purposes, offering further guidance to taxpayers who engage in transactions involving digital currencies.
One focus of the talk is the tax treatment of hard forks – situations where a cryptocurrency undergoes a protocol change resulting in a permanent divergence from the existing ledger. This can create new cryptocurrencies, which can generate income for the holders. A key point of contention is whether the taxing authorities have the legal capacity to tax assets not created by them, such as Bitcoin and other cryptocurrencies.
A significant part of the discussion covers ways to manage risk and potentially avoid tax liabilities within the confines of the law. This involves understanding the nuances of the tax code and leveraging structures like Limited Liability Companies (LLCs). The presenter encourages self-education and advocates for the reduction of unnecessary paperwork, demonstrating how users can navigate the tax code without needing to pay thousands of dollars to learn about it.
The conversation also addresses aspects of cybersecurity, discussing the importance of virtual private networks (VPNs) and the potential risks involved in transferring funds between exchanges located in different countries. Also, it touches on blockchain technology and the concept of beneficial interests in the exchanges, where the exchange technically owns the coins, and traders only trade their beneficial interests.
Finally, the discussion emphasizes personal responsibility, recommending that beginners in cryptocurrency educate themselves through freely available online resources before starting to trade or invest. A note is made that regardless of tax or regulatory changes, it is ultimately the responsibility of each individual to manage their own risk in the cryptocurrency market.
U46 – CO LLC Formation NM LLC Amendment – Watch Now
The video narrated by John Jay covers the process of forming a Limited Liability Company (LLC) in Colorado and how to amend articles in New Mexico. He gives a step-by-step walkthrough on the registration process using the Colorado Secretary of State’s website. Jay addresses common queries, such as how to select the right kind of LLC and how to choose the appropriate designation. He offers advice on filling out various fields, like entering a fictitious name for the agent, ensuring the agent’s consent, and defining management structure.
Next, Jay highlights the importance of clearly mentioning the rights and obligations in the Additional Provisions section to ensure privacy. He also emphasizes the need for an agreement between multiple members for an LLC to be recognized legally. Once the form is filled, the presenter discusses the importance of filing periodical reports annually.
Moving on to New Mexico, Jay illustrates the process of amending articles. He provides specific examples, such as replacing a member with a Private Membership Association (PMA). This part of the video also underlines the importance of careful record-keeping, like saving a copy of the amendment form on one’s computer. He encourages viewers to undertake these processes themselves, asserting that it is not necessary to pay a third-party for such services.
U47 – Sept 2, Thur Eve John Jay – Watch Now
“U47 – Sept 2, 2021 Thursday Evening with John Jay – Privacy Fight” was an engaging and informative session hosted by John Jay. Throughout the session, Jay addressed various issues related to privacy, financial management, investments, and asset protection.
The session kicked off with some technical difficulties due to a storm in Florida where Jay was located. Once underway, Jay dove into detailed discussions on a range of topics. He introduced the concept of setting up a new company, focusing on the procedure in the United States. He discussed the benefits of setting up an LLC, using a W-9 form for tax purposes, and how to handle cash flow within an LLC.
Jay then moved onto the topic of asset diversification. He mentioned investing in various areas like real estate, precious metals, and businesses. He acknowledged the currently volatile nature of the real estate market and suggested listeners seek advice from experts like Kathryn Austin Fits.
Further, Jay advised on the paperwork involved in setting up a new company. He suggested not using a California address for LLC registration and explained that the address put on the LLC doesn’t determine where mail goes. He also discussed managing multiple assets under a trust and dealing with brokerage accounts.
Jay also touched upon the topic of inheritance and wealth management. He discussed how a Private Membership Association (PMA) can be used as a way to document one’s wishes regarding their wealth that is not part of their estate.
On the topic of taxation, Jay described his strategy of avoiding income tax by creating a record of money moving around without it ever coming to the individual as a gain. He suggested this approach has not caused any issues for his clients.
The discussion also included some detailed case scenarios such as the impact of marital status on the structure of a trust. He advised against having a spouse as a trustee as it would not create legal separation or a trust relationship. Jay also presented an overview of registering an LLC in Ohio.
Towards the end of the session, Jay mentioned some issues with banking institutions and dealing with untrained staff. He also advised due diligence when investing in opportunities like insurance programs or mining contracts.
The session ended with Jay discussing the importance of having a website for business. He gave a quick tutorial on how to set up a website on Weebly, underscoring the value of having an online presence in the digital age. He also mentioned the delay in services provided by Coinbase possibly due to high volume.
In summary, John Jay delivered an in-depth presentation covering a wide array of topics aimed at helping individuals better manage their privacy, financial resources, and investments.
U48 – Bashing the IRA, 401K ETC – Watch Now
“U48 – Bashing the IRA, 401K ETC – Privacy Fight” presents a critical analysis of conventional retirement investment schemes such as Individual Retirement Accounts (IRAs) and 401(k)s. The author asserts that these programs are flawed, alleging they are primarily designed to serve the interests of financial institutions rather than individual investors. The commentary warns about the potential risks associated with relinquishing control of personal finances to other entities.
The author expresses a strong bias against these retirement accounts and encourages readers to reassess the assumed advantages of such schemes, which may result in a negative return on investment. He argues that these investment vehicles limit personal control over financial decisions, making them more beneficial to financial institutions than the individuals who contribute to them.
The critique goes further to question the very concept of setting aside cash for retirement through such means, suggesting that this approach fosters complacency and missed financial opportunities. The author posits that individuals can achieve far greater financial outcomes by actively managing their own investments, despite the risk of potential losses.
The author continues his critique, arguing that IRAs and similar schemes are tools employed by banks to benefit from individuals’ labor without offering equivalent returns. He also alludes to the complicity of courts in upholding these investment structures, which he perceives as fundamentally fraudulent. The critique culminates in the assertion that individuals who opt for these retirement saving methods are unknowingly aiding financial institutions in their wrongdoings.
Ultimately, the author promotes financial independence and active management of personal funds, arguing that with some effort and knowledge, individuals can yield better returns on their investment. The emphasis is placed on gaining financial education and using that knowledge to control personal finances, rather than relying on potentially flawed retirement schemes.
U49 – Holding Loose Diamonds during Re-allocation – Watch Now
“U49 – Holding Loose Diamonds during Re-allocation – Privacy Fight” explores the potential for using loose diamonds as a temporary investment strategy, likening them to the ‘stable coin’ of the crypto world due to their liquidity and easy storage.
The speaker discusses buying loose diamonds, emphasizing this as a short-term measure, akin to buying gold. This isn’t about earning a fortune but a way to store money in a form that can be easily liquidated when necessary.
A key focus is on the type of diamonds to buy, with the speaker providing two investment profiles based on past performance data between 2003 and 2013. One profile represents an 8% return on investment, and the other, a more volatile option, shows a 16% return. This depends on the diamond’s characteristics, including its color, clarity, carat, and cut.
The speaker then provides a step-by-step guide to purchasing diamonds online using the Blue Nile website, demonstrating how users can filter choices based on their desired profile. They also recommend considering the purchase of larger volumes of loose diamonds directly from cutters or brokers who deal with cutters to get better pricing.
The speaker emphasizes the convenience of online buying, stressing that this method comes with refund policies, and online platforms offer a vast array of diamonds to select. Despite this convenience, they also mention the inherent limitations, acknowledging that seeing diamonds in person is different from viewing them online.
Finally, the speaker briefly mentions disruptions in the diamond industry, suggesting they are temporary and should not dissuade potential investors. They reiterate the value of diamonds as a universal, liquid asset and stress the privacy they offer, given they can be easily concealed and transported.