r2i forum

At the onset wish you all a very happy and prosperous new year.

We are pleased to announce that KK Associates (KKA) an US and India based tax firm, has agreed to provide answers on US and India tax questions free of charge, for R2IClub members until June 30, 2011.

KK Associates have offices in India and USA and become sponsor of our forum from today.

KKA offers tax planning, preparation, and advisory services to US Expats and NRIs. The firm consists of a team of CPAs and CAs. The firm has offices in Salt Lake City, Utah, USA and Pune, India. You can read more about the firm at www.kkassociate.com.

1. The promotion gives opportunity to our members to get their tax questions answered in the light of upcoming US tax season.

2. The questions should be related to USA or Indian taxes and should be posted in this thread. "Free Promotion: kkassociate.com answers your tax questions".

3. Members who wish to directly contact the company, may send their questions to [email protected] (Limitation - One email per member please).

Please mention your r2iclub userid in your email.

Conditions of Usage:

1. One email or post per member (to give enough opportunities to every one)

2. Please provide as much details as possible to describe your tax situation to answer your tax questions correctly.

3. Tax questions must be related to current real life tax situation and not hypothetical questions.

4. Should be related to USA and / or India taxation and not any other country.

KK associate,

Do you provide tax return service for grantor trusts ?
Involving forms 1041, K-1, and then pass thru the income to a minor for his own tax return..

FB2020;359820KK associate,

Do you provide tax return service for grantor trusts ?
Involving forms 1041, K-1, and then pass thru the income to a minor for his own tax return..

Hi ,

We provide full range of tax preparation services. Since the work involves the complexities of compliance with trust rules, the CPA partner will be involved in the assignment.

Provide me with the complete details on [email][email protected][/email], so that I can give a reasonable quote.

Regards,
KKA

KKA

How do you differentiate your tax return service with TurboTax or HR Block tax returns? I meant it to an individual (USC or GC with no income to report from India) with a House, some stock transactions and may be with ESPP transactions. For example, Turbo tax handles these returns reasonably well. What advantages one will have by opting your services over Turbo Tax/ HR Block?

We differentiate ourselves on below aspects:

1) Availability.
2) Optimising taking into account Clients Specific situation.
3) Quick Turn Around Time.

We are one stop shop for your tax needs of USA and India. you can email us for more information on [email][email protected][/email]

Regards,
KKA

Hello All Members,

E filings for year 2010 for Federal and State has started.

Visit us for more details on www.kkassociate.com or email us on [email][email protected][/email]

Regards,
KKA

kk associate,

I am a US citizen with OCI, if my parents fill in my name on their nomination on their bank accounts, assets and on their will then do I need to show the nominated bank account or asset information on US Form TDF 90-22.1 FBAR form or on US Tax returns.

Thanks!

raj779;374877kk associate,

I am a US citizen with OCI, if my parents fill in my name on their nomination on their bank accounts, assets and on their will then do I need to show the nominated bank account or asset information on US Form TDF 90-22.1 FBAR form or on US Tax returns.

Thanks!

No.

You have no signature authority or ownership in that account.

Hi raj779,

You need to report the following bank accounts:

1) Where are you the primary account holder
2) Where are joint holder, even if you are second holder still you need to report.
3) Where you do not have any benefit in the account but are only authorised signatory to such accounts.

Mere nominee to an account does not create an obligation to include those accounts to report in FBAR forms.

We provide assistance in both USA and India tax filings from Pune. You can email us with more details on expat@kkassociate or visit us at www.kkassociate.com

Regards,
KKA

Hi
I am a USC with OCI. I moved to India in 2010 April through my employer with whom I am working for the past 5.5 years.
I have company ESOP which were mainly allotted when I joined and some every year. When I try to sell the options
I get message estimated net proceeds to be around 70% of the total gain ( which my colleagues of India operations pay). But when I sell I get only around 57% When I asked ETRADE rep he said I need to change my address in the Info and also need to send W-8BEN form
and proof and letter that I stay and work in India. Will this surely reduce my taxes. I need to sell my remaining
ESOPs but the above process might take time since I have to send letter to US and they have to update my info.
Will this surely address my issue. Also will I get the extra money I have paid. How am I going to be taxed by India Gov.
Thanks