TOPIC: IRS Voluntary Disclosure

All,

IRS wants taxpayers to disclose their foreign accounts and/or the information If they have transferred more than $10,000 per year to Foreign country from 2003 to 2010.

www.irs.gov/businesses/international/article/0,,id=235699,00.html

Does any body know if this is applicable to people working on H1B visas also ? and if yes( what is the exact procedure)

(I think the last date is moved from Aug 31st 2011 to Sep 9th 2011 now.)

Thanks
Anshul

anshul.arora wrote: All,

IRS wants taxpayers to disclose their foreign accounts and/or the information If they have transferred more than $10,000 per year to Foreign country from 2003 to 2010.

www.irs.gov/businesses/international/article/0,,id=235699,00.html

Does any body know if this is applicable to people working on H1B visas also ? and if yes( what is the exact procedure)

(I think the last date is moved from Aug 31st 2011 to Sep 9th 2011 now.)

Thanks
Anshul

yes, it applies to everyone including H1B ... if you have income from foreign assets, it should be on your 1040 ... the assets itself don't have much problem but not reporting income comes with consequences of fine and jail term

thanks for the quick response, do you know what is the procedure to file an amendment / disclosure ?

I don't because I report all my income from abroad ... but I am sure if you search, you'll find it

Doesn't it say tax payer filing as Resident, Visa holders are non-resident. Isn't it?

sanji wrote: Doesn't it say tax payer filing as Resident, Visa holders are non-resident. Isn't it?

Think there is a residency test. 183 days or something.

sanji wrote: Doesn't it say tax payer filing as Resident, Visa holders are non-resident. Isn't it?

H1s are resident aliens ... if you reside in USA, you are a resident of USA.

I am in US from dec '10 am I supposed to file it this year

FBAR - Report of Foreign Bank and Financial Accounts, What is this? Please enlighten.Anybody has done this?

www.irs.gov/businesses/small/article/0,,id=210244,00.html

Hi,
Does any body know students on H1 visa(OPT) has to file 1040 NR or just 1040. I am in US since 2008 went couple of times to india once in 2009 and once in 2011 each of my trip was 45 days.

Thanks
Student

You have to file it as 1040NR . My friend just filed yesterday.

Please suggest name of any Indian CPA dealing with FBAR.

Anonymous wrote: FBAR - Report of Foreign Bank and Financial Accounts, What is this? Please enlighten.Anybody has done this?

www.irs.gov/businesses/small/article/0,,id=210244,00.html

IRS also says you have to report any money received as tips, slot machine winning, and also such other money. But do those all people report it?

Any body filed FBAR? any experience please share. I heard people are closing indian bank accounts to avoid all paper work.

Not sure if this case is applicable to this topic

www.propublica.org/article/bank-of-new-york-case-tests-irs-power-to-halt-foreign-tax-abuses

Tax time so bringing this up.