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US entices NRIs to disclose their unreported assetsOn June 18, 2014, the IRS announced new Streamlined Foreign Offshore Procedures (SFOP), which will significantly alter all future voluntary...- Offshore Voluntary Disclosure Program to aid NRIs with undisclosed assetsUnder the US Foreign Account Tax Compliance Act it is expected that Indian banks will soon begin disclosing the names of American clients.
- US Govt Office findings may impact tax reporting for Indian AmericansThe impact for Indian Americans is profound given the GAO's specific reference to the situation of immigrants.
- NRIs missed to file Form 5471? Here's what you can doThe form is triggered if you are a US taxpayer with shareholding or interest in a foreign corporation exceeding certain prescribed limits.
- IRS to refund certain 2009 OVDP penaltiesThe penalty refunds are based on certain conditions which set the tone for IRS' policy on this matter. Let us look at what these conditions...
- HSBC alerts US clients to offshore tax evasion probeHSBC in its letter told its customers that if they have concerns about their US tax reporting, they need to be aware of an IRS voluntary di...
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