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.
How Much Are U.S. Companies Paying in Corporate Taxes?
It’s no secret that the nation’s wealthiest individuals pay the most in taxes, but did you know that the United State’s corporate tax rate is also among the world’s highest? According to a report from Accounting Today, accounting and consulting firm UHY, says the U.S. corporate tax rate is 41.1 percent. That represents a much…
Succeeding Against All Odds
Just about every startup business or entrepreneur faces tough odds, which at certain points can seem almost insurmountable. Achieving success is always gratifying, but when you achieve success against all odds, that satisfaction can feel even greater. Being able to overcome huge odds and obstacles is never easy, but many people have what it…
How to Create a Common Dream
Updated 12 8 20. All companies are out to achieve success. Success can be defined in different ways, but in most cases, companies define success by results. Many companies have mission statements, common dreams – or goals – that they use to motivate their workforce or to define their purpose. These statements are also often used to define success. Mission statements can be a…
High Property Taxes Pushing Many New Yorkers to Relocate
Recently I posted a report that the number of wealthy individuals leaving Connecticut for more tax-friendly pastures has been increasing. It seems that Connecticut isn’t the only state that is facing this problem. According to a report in the Democrat and Chronicle, New York is also dealing with more people leaving due to high…