r2i forum

No you can't. 25% PENALTY will be there for all of your accounts which you didn't report. How much balance are you talking abt. You may qualify for 12.5% or 5% penalty also if you are eligble.

I am confused as to what more penalties can be applied than what their own examples show? Do u know of examples?

Zen, Did you apply for OVDI yet?

do we need ti pay any gift tax in the home county where we reside?

Query to all: If we send money from our NRE accounts to our parents accounts in India, is there a gift tax that we need to pay on the amount?

correct...Moreover you can have peace of mind by doing the right thing and realizing your mistake...

Quick question. Our indian bank statements on FD accounts show interest payments only in some years (like 2009) where as the interest income in 2008 was 0 even though the account was opened in 2007. What do we do in those cases? Do we need to calculate 2008 interest even though bank statement shows ...

50K only

Thanks KKA. When you mentioned that amending your past years returns increases your chances of getting audited. What do you mean? If one participates in OVDI and does all amends accurately, does IRS will audit all returns to the fullest extent (even regular stuff/income/deductions etc.). That may be ...

Hi KKA, I disagree with you wrt big vs small fish. Whats the amount range you considered to be classified as a big fish?

Thanks!