India & IRS Streamlined Procedures – Common Reporting Examples
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
India & IRS Streamlined Procedures
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 India Streamlined Cases:
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
Okay 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, A PLC
We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.
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Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.