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.
Inside Wall Street | Tim Sanchez
About Tim Sanchez Tim Sanchez grew up in Oakland, CA. He attended the University of San Francisco where he completed his undergraduate degree in Information Systems Management and dual MBA’s from the Haas School of Business at the University of California at Berkeley and the Columbia University Graduate School of Business. Tim has worked…
Community Leadership – Dave Smith, Former Newark Mayor
About Dave Smith Dave Smith grew up in humble circumstances in Michigan. He attended Michigan Tech University and upon graduating college he wound up in the plastics business as an industrial engineer which brought him out to California. In California he quickly became acquainted with the Jaycee’s organization which focused on community service and…
The Future of Venture Capital | Chris DiGiorgio
About Chris DiGiorgio Christopher DiGiorgio is an Executive Research Fellow (emeritus) at the Accenture Institute for High Performance. Before joining the Institute he had responsibility for Accenture’s overall practice in the Bay Area as the Managing Director with over 2300 professionals. Chris also previously led our High Tech practice in the Silicon Valley and lead…
Back to The Roots | Nikhil Arora
About Nikhil Arora Nikhil Arora co-founded Back to the Roots (Oakland, CA) in 2009 as a senior at UC Berkeley and gave up a potential career in consulting to become an urban mushroom farmer. Nikhil oversees the marketing and product development half of the business and along with his co-founder, Alejandro Velez, has led…