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.
Four Things to Consider Now for the Upcoming Tax Season
It’s November already. How can that be possible? The more important question is what are you going to do about it? Although it seems like the last tax season just ended a few months ago, the next tax season is just a few weeks away. That means you should already be preparing for your inevitable…
Soccer Star Will Have to Go to Trial for Alleged Tax Evasion
The ongoing tax saga of soccer star Lionel Messi will continue. That news comes after a judge in Spain ruled that the Barcelona FC star would indeed have to stand trial for tax fraud charges in association with his many endorsement deals with foreign companies. The news comes just days after a report stated that…
Common Trust Fund Questions for Beginners
Are you considering a trust fund? Trust funds are a very useful tool for saving and investing money, but a lot of people aren’t totally sure how to use a trust or even how they work. Trust funds essentially hold assets, like property, a business or money, for the benefit of another person, a group…
IRS Wants A Lot More Than a Coke and a Smile From Coca-Cola, Co.
The Coca-Cola, Co. wants everyone to share a Coke and a smile but the IRS just wants the soft drink company to share it’s profits with the government, in the form of it’s tax bill. The IRS claims that the company has skipped out on more than $3 billion in taxes and interest due from…