India Teaming Up With United States in Joint Effort to Find Hidden Cash
India is reportedly going after so called “black money” which Indian citizens who are living abroad, are apparently hiding in offshore accounts, including here in the United States. According to reports, the Indian Government believes that as much as $350 billion is hiding in unreported bank accounts and other financial institutions.
India is already gathering and using information from several countries, including Japan, Sweden and Portugal among them. However, the biggest boon is expected to come from a new program created by the U.S. Government known as the Foreign Account Tax Compliant Act, or FATCA.
Under the program, India will indirectly inform the IRS of any Americans with money and/or investments in India of $50,000 or more. It is expected that the IRS will return the favor to India and report the same information regarding Indians with bank accounts and other financial interests in the United States.
Government officials in India have already begun their efforts to find and track the necessary information for the U.S. government. They have also started to gather a large amount of information regarding their own non-taxpayers. Millions of Indians are known to work around the world but are suspected of leaving significant portions of their income in the country where they worked when they return home to India.
Whether you agree with FATCA or not, it looks like it’s here to stay and it looks like it will be successful in finding noncompliant taxpayers. If you need help to make ensure that you are compliant with your international taxes, then contact GROCO at 1-877-CPA-2006 or click here.
Can You Convert Taxable Savings Into Your Roth IRA?
Can You Convert Taxable Savings Into Your Roth IRA? Are you ready for retirement? It’s a common question and it applies to just about everyone at some point. However, being ready for retirement takes a great deal of planning and preparation, and not everyone is as ready as they think. One of the most important…
Don’t Miss Out on These Tax Credits
Don’t Miss Out on These Tax Credits Most people know about tax deductions. Especially taxpayers who like to itemize. However, many taxpayers are not as aware of the numerous tax credits available to them every year. And missing out on these credits can cost you a lot of money. In fact, for many families, tax…
Five Tax Credits to Take
Five Tax Credits to Take There is a common phrase that states, “Nothing in life is free.” This may be true, but there are tax credits you can take to help save money when filing your tax return. Credit #1-First Time Home Buyer Credit The first time home buyer credit has been extended to cover…
Best Ways to Avoid Social Security Taxes
Best Ways to Avoid Social Security Taxes For anyone getting closer to retirement the thought of collecting Social Security benefits has likely come to mind. You’ve worked a lifetime and now it’s time to kick off your shoes and reap the rewards of all that hard work. But did you know those benefits are not…