India & IRS Streamlined Procedures

India & IRS Streamlined Procedures: Golding & Golding is the “go-to” international law firm for IRS streamlined offshore disclosure procedures for clients with India assets, investments, income, and accounts. We specialize exclusively in disclosing offshore and foreign money to the IRS using one of the approved disclosure programs.

This generally includes issues involving FATCA India, FBAR, PFIC and more, with common reportable investments such as:

  • Fixed Deposits (FDs)
  • Mutual Funds
  • Life Insurance
  • Demat
  • PPF

When it comes to India, the submissions can get very complicated.  That is because India has very complex rules involving Indian citizens who reside outside of India, as well as non-citizens who are residents of India. In addition, there is both the bilateral tax treaty and FATCA agreement between United States and India.

Common Examples of Streamlined Cases involving India:

India Streamlined (Example 1)

David is originally from India. He relocated to the United States initially on F1 visa, and then H-1B – and now he is a permanent resident.  David had several Bank Accounts, Fixed Deposits, Life Insurance and Mutual Funds in India, and was under the mis-impression that it did not need to be disclosed in the United States ,because he was not considered a U.S. person for tax purposes. 

Now that David is a permanent resident (and before even when he met the Substantial Presence Test as H-1B) income tax is due, and the accounts and assets should be reported.

India Streamlined (Example 2)

Peter is getting ready for retirement. He has a sizable nest-egg in India comprised of Demat and Mutual Funds. He wants to sell the Mutual Funds but was just introduced to the world of PFIC, and realizes the extent of the PFIC Excess Distribution.

India Streamlined (Example 3)

Scott is originally from India. When he was young, his father gave him partial ownership in a family business and land. Over time, the business has grown, and the land has become very valuable.  Scott’s father is getting close to retirement and wants to give Scott a larger portion of the business. In addition, Scott has decided to remain in The United States and wants to sell the property — and bring the cash over to purchase a home for him and his family.

Increased 14654 & 14653 Chance of Audit

Over the past few years, the IRS has increased enforcement for offshore related matters.  In addition, we have been approached by many clients who use less experienced attorneys at first and cause an issue with the submission – putting the submission into jeopardy.

Golding & Golding: About Our International Tax Law Firm

Golding & Golding specializes exclusively in international tax, and specifically IRS offshore disclosure

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe. Our attorneys have worked with thousands of clients on offshore disclosure matters, including FATCA & FBAR.

Each case is led by a Board-Certified Tax Law Specialist with 20 years of experience, and the entire matter (tax and legal) is handled by our team, in-house.

*Please beware of copycat tax and law firms misleading the public about their credentials and experience.

Less than 1% of Tax Attorneys Nationwide Are Certified Specialists

Sean M. Golding is one of less than 350 Attorneys (out of more than 200,000 practicing California Attorneys) to earn the Certified Tax Law Specialist credential. The credential is awarded to less than 1% of Attorneys.

Recent Golding & Golding Case Highlights

  • We represented a client in an 8-figure disclosure that spanned 7 countries.
  • We represented a high-net-worth client to facilitate a complex expatriation with offshore disclosure.
  • We represented an overseas family with bringing multiple businesses & personal investments into U.S. tax and offshore compliance.
  • We took over a case from a small firm that unsuccessfully submitted multiple clients to IRS Offshore Disclosure.
  • We successfully completed several recent disclosures for clients with assets ranging from $50,000 – $7,000,000+.

How to Hire Experienced FBAR Counsel?

Generally, experienced attorneys in this field will have the following credentials/experience:

  • 20-years experience as a practicing attorney
  • Extensive litigation, high-stakes audit and trial experience
  • Board Certified Tax Law Specialist credential
  • Master’s of Tax Law (LL.M.)
  • Dually Licensed as an EA (Enrolled Agent) or CPA

Interested in Learning More about Golding & Golding?

No matter where in the world you reside, our international tax team can get you IRS offshore compliant. 

Golding & Golding specializes in FBAR and FATCA. Contact our firm today for assistance with getting compliant.