r2i forum

I had filed the OVDI docs in 2011, and just received a letter from IRS asking to sign the form to further extend time to assess tax and civil penalties to June 30, 2014. Such a bummer, as I was hoping to finish this off this year and move on. Has anyone else received similar letter? Is there any ...

[QUOTE=sargein;424874]I didn't see this question answered in the thread. Can anyone advise if the FBAR penalty is to be sent with the package, or is it paid after IRS confirms the penalty amount? I am sending the Tax + Interest + 20% accuracy-related penalty with the package of course...just not ...

[QUOTE=zyzy;408271]One question - Did you guys have to send the penalty as well (with the backtaxes+interest+accuracy penalty) with the package OR is that something that gets determined and paid at a later date ? [/QUOTE] I didn't see this question answered in the thread. Can anyone advise if the ...

How do we calculate max value for PFICs in a year? Consider that there may be purchases and sales (and therefore transfers of amounts in and out of bank accounts) during the year, and then a final holding at the end of the year. What approach should be used to identify maximum value for PFICs in ...

[QUOTE=greyfri;415226]1) Technically, if you're doing MTM, you should use the exchange rate on that specific day for all transactions (including the buy/sell on the first and last day of the year), i.e. you convert each transaction from Rs into Dollars on that day. Practically, I doubt it would ...

A few questions for PFICs: 1) At what stage do (or should) you convert currencies? I initially did all MTM gain/loss calculations in INR (including adjusting basis, carrying over losses etc) to come up with final gain/loss for each PFIC by year. I then converted these final gain/loss figures into ...

[QUOTE=zen;405948]Is the 20% accuracy penalty applied to only the tax or on the (tax+interest) amount?[/QUOTE]

zen - did you find an answer to this? Anyone else?

[QUOTE=greyfri;407847] 2) So if you use 'only payouts are taxable' approach, and have not had any payouts, then there would be no income and it may not need to be added to your OVDI penalty.[/QUOTE] greyfri - One more follow-up question to this. How would the above statement hold if the premiums to ...

[QUOTE=xyz1398;408153]Yes, I included both CSV of the policy in FBAR (so it also went to penalty calculation as well) and bank max amount where payout went (FBAR so penalty as well)[/QUOTE] Thanks. How did you obtain the CSV of your policies? I am having trouble obtaining them for last several years ...

[QUOTE=xyz1398;408128]I did include surrender value of the policy in FBAR. The payout went to a bank account. I also included that max account balance of that bank account in FBAR. For payout, I did not make any gain as payout - premiums paid was less than 0. With all the exercises and confusions, I ...