Serbinski Accounting Firms

if you move 20K (after US tax money) to an Indian bank account which has 10K, then your total offshore is 30K. If you did not report bank interest income on your return, then 30K will be your penalty base. If you have never report your Indian bank account earning, you have to use the highest balance...

sugnani,

if you report income (such as interest earning) from your India bank account, you do not need include, otherwise, yes...

by the way, OVDI offers opt out -- so if you owe no tax, and you are misled to OVDI, you do not want the penalty wrongfully imposed on you, you can opt out. even if you do QD -- it should be a clean cut that you are not subjected to any penalty -- in case you are singled out by IRS. Otherwise, QD is...

Calgary, the process is called certification, it is less formal than audit. IRS does not seem to send anything back upon receiving the package. however, you can call hotline to ask if your package is on the pipeline for processing. If your package is not considered complete, they usually send a lett...

not to suggest that they should join OVDI. As matter of rule by the law, if they join OVDI, they would have no penalty/or simply kick out and ask them to back file ? so if someone with same situation who joins OVDI and get "penalty" -- not because he has non-compliance issue rather for bei...

they did not make it up -- they just repeat what IRS has been saying all along. Of course, they use this for their business. again, FBAR was hardly enforced before OVDP/OVDI, and it will be enforced now and more so after OVDI -- the Gov needs credibility as well as revenue. Once FATCA becomes effect...

Obama needs better employment rate to secure his 2nd term... Don't you think he will hire more --and the money will be from the collections ?

simple fact is that IRS has hardly enforced FBAR prior 2009, and it became well known after UBS clients being prosecuted. and in the past, quiet disclosure is considered a decent/noble action of a taxpayer. now, since IRS has provided twice of OVDI/OVDP -- and sure they want more than just the tax d...

my view is that expat US citizen should pay no penalty on FBAR --- (logically, they should keep their money where they live), however, the law does not say so --and it is IRS who decide how to apply to the law. here is a link http://timesofindia.indiatimes.com/nri/us-canada-news/Indian-American-comm...

you may consider PLAN C, just do nothing.


QD will still expose you to IRS -- while you have never worked/lived in US, there is no record of you. Then why bother to alert IRS "hey I am here, get me !"

gerry, i do not know (do not think ) birth place matters as far as IRS is concerned -- they even use US person when they apply tax and FBAR law. even if you just do it quiet, you may have to do 6 years -- because FBAR's statute limitation is 6 years. it would be like a joke if this were years ago --...

gerry, you can ask for extension if you are not ready for the whole package to be sent in by Aug. 31. it is unlikely IRS will have another this kind program. I don't see the risk jail term or even taking away your assets in Canada. CRA can only collect tax due to IRS under the current treaty, but no...

gerry,

if you have 1/2 assets in RRSP, have you ever cashed out any ? if not, there is a good chance that you can still make tax deferral election. -- that will take all RRSP from the penalty base

so the total assets only limited to financial assets which IRS can enforce FBAR law.

that may be a lot to some who put money in investments.