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.
The Senate Passed the Tax Bill and This is What We Know
The Senate Passed the Tax Bill and This is What We Know As of the wee hours of the morning last Saturday, the Senate just passed tax reform. While we are all still anxiously waiting to see what will end up on President Trumps desk, let’s review some of the information that we have up…
Trump Calls for Complete Overhaul of Tax System
Trump Calls for Complete Overhaul of Tax System Calling it the “biggest tax cut in history,” President Donald Trump last week laid out his administration’s plan to completely overhaul the nation’s tax system. Tax reform was one of the biggest calling cards of the new president during his campaign, which ended in victory last November.…
Will the IRS Collect on Cryptocurrency?
Will the IRS Collect on Cryptocurrency? The digital age has changed the way the world operates. Just about every industry imaginable has been affected by technology already. That includes how we use and exchange money, over the Internet. Whether you call it bitcoin or cryptocurrency, or any other similar moniker, these forms of digital currency…
Is Paying Estimated Taxes Actually a Good Idea?
Is Paying Estimated Taxes Actually a Good Idea? For most people, thinking about taxes outside of April is a sin. However, anyone who earns self-employment income must think about taxes all the time. That’s especially true every three months when it’s time to pay quarterly estimated taxes. No one really likes paying estimated taxes. After…