r2i forum

I really just don't get it. If you search on the internet all you get is lawyers' scaremongering websites basically telling you that you have 6 months to live before the IRS comes pounding your door and put you away for good. If you read the actual prosecutions, there are several elements that are ...

Well I hope they continue using the mitigation guidelines. The OVDI penalties are just too punitive and disproportionate to my error. And reasonable cause etc doesn't apply in the OVDI - I am hoping they are more considerate of the context, motive etc during the audit. We will see.

GreyFri, Thanks. My tax preparer has come up with a different suggestion than my idea of 75:25. He says show all of 2008-09 as 2008 income & taxes, 2009-10 as 2009 income & taxes, and it doesn't matter if you do that consistently. I asked him if he has done it for any other client and he says no. I ...

Converting the Indian financial year to the US calendar year is turning out to be a huge headache. I am not successful in getting Indian FOrm 16A (TDS) that would list income by date so I could split it between the two calendar years the total income per the Indian tax return spans. Not only that ...

I read case of guy with offshore account who was actually owed money by the IRS over period in question and was still criminally prosecuted. That should put to rest theory that IRS will not come after you if you owe only small sum of money, they may do so and give your refund while charging you ...

Greyfri: Thank you very much. Good point about not being aggressive on the amended returns. What would you say to actual taxes paid per Indian tax returns. I have Indian tax returns for 2008 at least, as I was able to get some refund. One big challenge I face is splitting the Indian financial year ...

Greyfri - all good points. The lawyer did consider all of these - ie, that the lookback period for FBARs is 6 years, that I am on their radar due to the pre-clearance request, and therefore I will likely be audited. An audit is fine because all I have here is W-2 income and standard deductions, so ...

Zen: Good point. But the $10k penalty is per violation. Each year is a separate violation. They can go back six years. If the account is a joint account with spouse, it counts as 2 violations. If the account has sub-accounts, eg NRE, NRO, FCNR, FD, they can technically count each as a separate ...

Abi1974: For the moment I have decided not to go with the OVDI because it is so punitive for reasons I can't fathom. I am happy to set things right by paying all back taxes, and interest, and all of that will be peanuts (Less than 2k) as I have paid taxes in India. But to say that they want 25% of ...

Reply to Abi74: Partly. I had some money already in the account even before I came to the US. But maybe about a 100k were transferred directly from the US over time out of my savings here. This makes no sense, it is absolutely cruel. Save 10 bucks here, 20 there, try to set up a half decent ...