Search Results for: fatca
Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available
…and India for certain taxpayers India’s Forms ITR Taxable income, reportable accounts, and FBAR/FATCA filings U.S. reporting requirements of India-sourced investments Foreign tax credit considering the fiscal year ITR Key…
New FATCA / CRS reporting penalties in India
…KYC (Know Your Customer) including information provided in FATCA and CRS questionnaire. The new budget proposes a penalty of Rs.5,000 if there is any inaccuracy in the statement of financial…
All the Many FBAR Late Filing Procedures
…a U.S. taxpayer may choose to pay a 5% Title 26 Miscellaneous Offshore Penalty instead of other delinquent FBAR and FATCA penalties. Our firm has successfully filed more than 300…
Beware IRS Letter 6291
…Via FATCA and subpoenaed bank records, the IRS is in possession of records that identify taxpayers with transactions or accounts at offshore private banks. Soft letters are IRS correspondence to…
Do You Have to Pay US Taxes on Foreign Inheritance?
…there are important legal considerations to review, including the Foreign Account Tax Compliance Act (FATCA), which directly deals with foreign compliance matters. This article summarizes international estate planning and tax…
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
…credit FATCA and FBAR reporting Inheritance taxes Benefits The panel will review these and other key issues: Filing obligations in the U.S. and India for certain taxpayers Taxable income, reportable…
FBAR Deadline Automatic Extension
…account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 –“FATCA” disclosure). Beginning for the 2016…
Solution: Streamlined Domestic Offshore Procedures
…as FATCA continues to go fully online (and the cooperating bank list grows), the cost and risk of doing nothing has gone up exponentially. In summary, taxpayers with undisclosed offshore…
The Dreaded IRS Letter 6185: “We received information that you have a foreign account”
…income tax and information reporting requirements associated with these foreign activities, otherwise, they are subject to penalties and possible criminal prosecution. Via FATCA and subpoenaed bank records, the IRS is…
US FATCA Enforcement Softens due to Coronavirus
…the Foreign Account Tax Compliance Act, or FATCA, because of the coronavirus pandemic. The Internal Revenue Service on Wednesday extended from March 31, 2020 to July 15, 2020 the deadline…
2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better
…targeted taxpayers who may have foreign accounts (remember FATCA). Failure to report foreign accounts, or reporting them incorrectly, can have serious consequences, including high civil and criminal penalties. Since these…
Are You Ready For New FATCA Enforcement in 2020?
…may now see those accounts closed or frozen. FATCA FATCA is a U.S. federal law that aims to prevent U.S. corporations and individuals from hiding assets in foreign U.S. accounts…