Tuesday, June 23, 2015 - 6:30pm
Rajesh H. Dhruva, well-known Chartered Accountant and Financial Adviser specializing in the needs of Non-Resident Indians (NRI), will be speaking on investment, banking, and real estate opportunities for NRIs in India and US Tax Laws regarding foreign financial assets.
Find out if the IRS’s Streamlined Filing Compliance Procedure (SFCP) is the right solution for resolving any US tax issues arising from undeclared foreign financial assets. India is a signer to the Foreign Accounts Tax Compliance Act (FATCA), which requires the reporting of any foreign account information pertaining to American citizens and green card holders to the US Internal Revenue Service. The Internal Revenue Service has been using FBAR, originally set up to prosecute money laundering, to combat offshore tax evasion. The IRS enforcement program resulted in the collection of over 5.5 billion dollars in 2013, which amounts to only a fraction of the tax actually due related to offshore tax evasion