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Bhatia & Co, Inc in US has been set
up to carry out professional services in
concert with our affiliate organization
over-seas.
**Important
News Update**
Finally, IRS offers 'common sense' relief
for non-compliant Nonresident US Citizens
Some ‘common sense’
finally prevails on IRS. IRS is announcing
a series of ‘common-sense steps’
(as the IRS commissioner Doug Shulman puts
it) to help U.S. citizens abroad get current
with their tax obligations and resolve pension
issues. More
2012 Offshore Voluntary Disclosure Program
New Overseas Voluntary
Disclosure Program (OVDP 2012)
For those who missed out on OVDI (Overseas
Voluntary Disclosure Initiative) 2011, here
is another opportunity.
The IRS has reopened the Offshore Voluntary
Disclosure Program (OVDP). The program is
similar to the 2011 program in many ways,
but with a few key differences. Unlike last
year, there is no set deadline for people
to apply - at least as of now. This program
allows another opportunity to those tax
payers who have not been regularly filing
FBAR (Report of
Foreign Bank and Financial Accounts)
and other overseas financial disclosures.
The overall penalty structure for the new
program is the same for 2011, except for
taxpayers in the highest penalty category.
More
http://www.irs.gov/newsroom/article/0,,id=254187,00.html
Offshore Voluntary Disclosure Program -- OVDP 2012 Frequently
Asked Questions and Answers
http://www.irs.gov/businesses/small/international/article/0,,id=256774,00.html
Deadline for FBAR
filing for 2011 is June 30, 2012
Unless you have already filed the same,
this is to remind you that due date for
filing of the FOREIGN BANK & FINANCIAL
ACCOUNT REPORTING (FBAR) Form 90-22.1 is
June 30, 2012. FBAR Form may be required
to be filed if you have a financial interest
in or signature authority over a foreign
financial account, including a bank account,
brokerage account, mutual fund, trust, or
other type of foreign financial account.
New Reporting Requirements by U.S. Taxpayers
Holding Foreign Financial Assets (Form 8938)
In addition to the FBAR filing, Taxpayers
with specified foreign financial assets
that exceed certain thresholds must report
those assets to the IRS on Form 8938, Statement
of Specified Foreign Financial Assets. The
new Form 8938 filing requirement does not
replace or otherwise affect a taxpayers
requirement to file FBAR. This Form is part
of the Tax return and accordingly must be
filed by the due date of Individual tax
return in Form 1040.
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