Serbinski Accounting Firms

thanks Tsanaha, i was able to download it.

One question: for tax year 2009, do I need to put the amount in Apr-09 or April-10?

Hi tsanaha, i am unable to download the file. Can you please email me to archanasugnani@gmail.com. thanks.

Hi Friends,

Do you guys know how do I calculate the interest on tax due for OVDI penalty?

Thanks
Sk

Thanks Tsanaha. I will do the same..just make it zero.

But you forgot to answer my first question - should I just add the MTM gain to the penalty check & attach a document explaining this?

1040X is only used if you are amending your taxes. 1040 is for regular filing.

So does this mean that I just have to add this MTM 20% while writing the penalty check & send an attachment explaining this?

How about the loss. Say, if I had a profit of $150 in 2008, and then a loss of $200 in 2009. What do I do in this case?

Appreciate your earliest reply.

Thanks Tsanaha. Can you please explain where do I add this 20% MTM gain..i mean on which form?

Are you sure? in the OVDI QA section it says you will have to include 20% taxes if you are using MTM method?

Hi Friends,

Do you guys know in which line of form 1040X do we add the 20% MTM gains for PFIC investments?

Also, if there is a loss, how to subtract it?

Thanks
Sk

Sorry tsanaha, I did not get your answer.

Say if I move 20K from my US bank account to my India bank account which has already 10K. Now the balance is 30K. So, do I now show this 30K as highest balance? Can you please explain a bit on how this works out?

Thanks so much or your help.

Hi Friends,

Has anybody here applied for 90 days extension. Just wondering what documents we need to send if we want to request for extension?

Thanks.
Sk

Hi tsanaha,

If I move already taxed US money to my bank in India, do I still need to include this amount for highest average balance?

Thanks

I am opting for OVDI. Do we need to show in FBAR the stocks that I purchased in India before 2005 ?

Thanks
sugnani