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.
Beware of Cryptocurrency Frauds
Does it seem like a new cryptocurrency is born each day? Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading
When Is a Good Time to Get Into the Stock Market Game?
Anyone who has ever studied or even followed the stock market knows that market ebbs and flows. There will always be ups, and there will always be downs. That’s simply the nature of investing. If it were easy to predict then everyone would be successful and wildly wealthy.Last year saw amazing gains in the stock market, as a whole. However, this year, things have been heading in the other direction. Just last month the market saw some big dips, including a one-day loss on the Dow Jones of more
Five Tips for Staying Ahead of the Avalanche
I was talking to a coworker the other day about work. He responded that he felt swamped and work was descending upon him like an avalanche. Besides the over the top hyperboles, there are many that I have talked to that feel overwhelmed by their work and that’s not good.Stress can have negative effects on the body, mind, and spirit. Stress in one aspect of your life will often lead to more stress in other parts of your life. One real life example is Tiger Woods. It was very sad watching all parts
Selling globally: How to get started
Selling globally: How to get started For many businesses, selling their products or services globally is a natural next step in their growth. But while the prospect of billions of new potential customers is attractive, going global can be a daunting proposition. Here are a few tips on how to get started. Tap your network. …