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TOPIC: Indo Americans unite to get respite from penalties on foreign accounts

Indo Americans unite to get respite from penalties on foreign accounts 6 years 4 months ago #133

  • Sid
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The Internal Revue system had undertaken the initiative to bring back offshore money back to U.S. tax system and for that it had made it mandatory for all the citizens to disclose their accounts and do tax filing of foreign bank accounts. The various Indian civic and professional groups have sought the intervention of President Obama to seek relief from the penalties levied by U.S. tax rules on foreign bank accounts. In their letter, the group has urged the IRS to reconsider the 25% penalties on foreign bank account and postpone to deadline for disclosure of accounts from 31st August to 31st December

Indo Americans unite to get respite from penalties on foreign accounts 6 years 4 months ago #440

  • Sid
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The Internal Revue system had undertaken the initiative to bring back offshore money back to U.S. tax system and for that it had made it mandatory for all the citizens to disclose their accounts and do tax filing of foreign bank accounts. The various Indian civic and professional groups have sought the intervention of President Obama to seek relief from the penalties levied by U.S. tax rules on foreign bank accounts. In their letter, the group has urged the IRS to reconsider the 25% penalties on foreign bank account and postpone to deadline for disclosure of accounts from 31st August to 31st December

Indo Americans unite to get respite from penalties on foreign accounts 6 years 4 months ago #442

  • mrugaja
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US is facing tremendous heat of piling national debt. In a scenario where the govt had to pass a bill to raise the debt ceiling cap, the govt is but naturally going to employ all the sources to get funds from as many sources as possible. So Indian Immigrants have just become pawn in the process. If the demands of the Indian groups is met then it will be a breather for them but the U.S. pockets will suffer. It remains to be seen as to what extent these demands are met
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