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  #31  
Old 08-22-2012, 05:03 PM
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As far as FBAR is concerned, you are good for previous years and no need to do anything.
For Tax returns, ideally you should be amending those tax returns.(Tax Topics - Topic 308 Amended Returns). I would suggest to talk to a CPA for more details.

Quote:
Originally Posted by ViciousCircle View Post
Guys, I had a old account in India with less than 1 lakh rupees ($2000) . This year , I have transferred a large amount (also loaned some from parents/in-law) since we are planning to buy a property.

I will be filing a FBAR during next year's return. The question is, do I need to submit amended return for last few years (because of the small interest income on less than $2000) ?
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  #32  
Old 08-22-2012, 05:09 PM
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ViciousCircle,
Just as a sidenote, if you have anything(donation/expense) you can take credit for to nullify the taxes, it will good. E.g. say you did not report a donation $50 or so and have receipt for that, than I think that should be sufficient enough to nullify your extra tax liability due to the interest in foreign account for that year.
That's just one reason I suggest you should talk to a CPA to find your options.
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  #33  
Old 10-19-2012, 03:42 PM
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Hey gang --- The IRS just released the Streamlined OVDI rules for US persons with undisclosed foreign accounts.

The outrage it that it only applies to ex-pats who never filed tax returns. If you are in the US and/or have filed tax returns the streamlined OVDI does not apply to you.

I find it completely obnoxious that immigrants on VISA, greencard or new citizens, who would know less and certainly benefited less from the US tax system, are treated so shabbily.

My firm is working on a letter to the Treasury Inspector General...this OVDI penalty scheme totally violates the well-established penalty philosophy of the IRS. Because it is so punitive/severe/unknown, this OVDI of FBAR forms is reducing compliance. Not good.


-Anthony
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  #34  
Old 10-21-2012, 08:31 PM
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Default Help with FBAR filing

Can some one recommend a good lawyer or accountant who helped you file FBAR at a reasonable cost?

This FBAR is so confusing and most of the accountants do not have any knowledge about it.

Any help will be highly appreciated.

Thank you.
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  #35  
Old 10-22-2012, 08:31 AM
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Quote:
Originally Posted by ksircar View Post
Can some one recommend a good lawyer or accountant who helped you file FBAR at a reasonable cost?

This FBAR is so confusing and most of the accountants do not have any knowledge about it.

Any help will be highly appreciated.

Thank you.
^^^^
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  #36  
Old 10-22-2012, 11:52 AM
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I have sent you private message...
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  #37  
Old 10-22-2012, 03:27 PM
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I also would like any recommendation on a tax attorney or CPA you used. I learned about this over the weekend and would like to get the process started. TIA
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^^^^^ HELP IV TO HELP YOU ^^^^^
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  #38  
Old 10-22-2012, 03:52 PM
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Quote:
Originally Posted by ksircar View Post
Can some one recommend a good lawyer or accountant who helped you file FBAR at a reasonable cost?

This FBAR is so confusing and most of the accountants do not have any knowledge about it.

Any help will be highly appreciated.

Thank you.
If you own a business, then you may need a CPA. If you have personal accounts, FBAR is pretty straight forward. As soon as your account is activated online, you just fill up and submit.
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  #39  
Old 10-23-2012, 07:52 AM
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Quote:
Originally Posted by MahaBharatGC View Post
I have sent you private message...
Thank you so much for your help.
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