the highest aggregate balance of the year
Moderator: Mark T Serbinski CA CPA
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- Posts: 36
- Joined: Fri Jun 03, 2011 4:38 pm
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 letter. Hotline will also let you know the status.
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 letter. Hotline will also let you know the status.
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 of that account to be the penalty base.
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 of that account to be the penalty base.
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- Posts: 36
- Joined: Fri Jun 03, 2011 4:38 pm
Hi tsanaha,
I mailed my package to IRS in Austin. I tracked the package. The package was delivered to a different zip code (73301) in Austin although I used the following address as instructed by the ovdi FAQ. This seems weired. It seems IRS also has office at zip code 73301. I am wondering if this will cause any issues. should I call OVDI hotline?
Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN: 2011 Offshore Voluntary Disclosure Initiative
I mailed my package to IRS in Austin. I tracked the package. The package was delivered to a different zip code (73301) in Austin although I used the following address as instructed by the ovdi FAQ. This seems weired. It seems IRS also has office at zip code 73301. I am wondering if this will cause any issues. should I call OVDI hotline?
Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN: 2011 Offshore Voluntary Disclosure Initiative
Calgary,
It is the local post office tracking system problem. Your package should be delivered to the right place. No worry. It was the same for my package as well. In a few days, you will see your check being cashed.
Hotline seems very helpful, you can call and leave your name, ssn and tell them your question, they will return your call --- and let you know the package status.
It is the local post office tracking system problem. Your package should be delivered to the right place. No worry. It was the same for my package as well. In a few days, you will see your check being cashed.
Hotline seems very helpful, you can call and leave your name, ssn and tell them your question, they will return your call --- and let you know the package status.
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- Posts: 36
- Joined: Fri Jun 03, 2011 4:38 pm
GIC pays out interest (if any), you should report whatever it pays out.
In one my case, I had index GIC which follows some kind index for three years and it pays whatever the index gain over three years (but no more than 20%). In that case, there is no gain for the first two years. Anyway, you should know what your gain via the term of GIC and report it as incom (not like PFIC)..
In one my case, I had index GIC which follows some kind index for three years and it pays whatever the index gain over three years (but no more than 20%). In that case, there is no gain for the first two years. Anyway, you should know what your gain via the term of GIC and report it as incom (not like PFIC)..