r2i forum

[QUOTE=binarysemaphore;401724]They can certainly scrutinize these returns since with OVDI package, you are also sending out form to extend statute of limitations for tax examination. But why are you afraid, if you are coming out clean, let them examine anytime.[/QUOTE] I am disclosing to the last ...

Guys, i am a little confused, can someone please explain me the process. We file for pre clearance, then in 30 days we file detailed document for all our assets, by August 31st we file amended returns etc and pay the taxes. Now the examiner will check our return and determine whether it is correct ...

Is the accuracy penalty of 20% only on the tax or also on the interest on Tax. Eg if tax is 2000 and interest is 500, then accuracy penalty would be on 400 or 500?

for amending a return the tax rate applicable would be the one applicable for our tax slab. So if I am in 25& slab then during amendment I will calculate 25% tax. please advice if I am wrong. Also, someone said that we have to submit bank statements only if our account value is greater than 100k, is ...

[QUOTE=green4545;401081]As per IRS FAQ, we are not to send any documentation like statements etc if the total balance amount is less than 500K but must retain it in case they ask for it. I don?t think that they will spend too much time requesting and reviewing statements for small accounts like less ...

any CPA/tax attorney in So Cal, I am unable to find anyone good in my area

"the values of accounts and other assets are aggregated for each year and a single penalty is calculated at 25 percent of the highest year‘s aggregate value" Extract from FAQ 8. Can someone knowledgeable who has filed or is in the process of filing throw some light. Will 25% penalty be on the i ...

Hi, I have posted over 14 messages and do not see an option to send a private message to a particular member in a thread, what am I missing?

need quick advice. I bought a house in India and partly made the payment of the loan from interest income in India that was undeclared. The loan was in my name, but the house is in my father's name. Do I have to include FMV of the house as I am not the owner but made the loan payments for the house.

[QUOTE=ajaysaxena;396280]According to my attorney, 2010 can be excluded, if you file your 2010 FBAR on time (it is received before june 30th), and if you file your 2010 taxes correctly (indicating that you have >10k in foreign accounts, and reporting all your 2010 foreign income) At the same time ...