apr 18th, 2011 CE
get ready to file indian taxes and get an offset in US taxes, if you haven't already done so.
yeah, more money for manmohan to gift to pak, and more money for obummer,... also to gift to pak.
yup, your tax dollars and rupees at work.
now why isn't manmohan asking for a similar voluntary disclosure of indian funds held abroad, with severe penalties for evasion of taxes if found?
no, don't answer, it was a rhetorical question.
---------- Forwarded message ----------
From: Ram Narayanan
INDIA ABROAD, APRIL 22, 2011, PAGES A5 AND A6 US SPECIAL: IRS TARGETS INDIANS GOT INCOME FROM LAND, PROPERTY OR ACCOUNT IN INDIA? THE TAXMAN IS LOOKING AT YOU The IRS is focusing on Indians in its drive against foreign-income fraud, discovers GEORGE JOSEPH DEADLINE: AUGUST 31 A United States citizen or Green Card holder must disclose his/her worldwide income to the IRS. If you are paying income tax in other countries, you may be entitled to a foreign tax credit here, but all worldwide income must be reported to the IRS -- including rental income from land or property. The IRS 2011 Voluntary Disclosure Program expires August 31.
"This case is merely the tip of the iceberg," said attorney Lawrence S Horn, who appeared for New Jersey businessman Vaibhav Dahake who pleaded guilty to one count of conspiring to defraud the Internal Revenue Service. Though the Indian community has not grasped the urgency of the issue, tax attorneys are warning people to immediately apply for tax amnesty before the deadline of August 31 to voluntarily disclose their income in foreign countries. The law requires that anyone who is a United States citizen or Green Card holder has to disclose his worldwide income to the IRS. If you are paying income tax in other countries, you may be entitled to a foreign tax credit here. But all worldwide income must be reported to the IRS, including rental income from land or property. The IRS started targeting Indians after a successful intervention with the Swiss bank UBS AG. About 15,000 people voluntarily disclosed their income from UBS. It mostly affected the Jewish community, attorneys noted. ... deleted
_____________________ http://www.washingtontimes.com/news/2011/apr/12/senator-to-introduce-bills-to-combat-tax-evasion/?page=1 THE WASHINGTON TIMES Senator to introduce two bills to help combat tax evasion
Offshore abuses cost U.S. $100 billion in lost revenue By Tim Devaney 6:45 p.m., Tuesday, April 12, 2011
Democrats and Republicans would be hard-pressed not to agree that an extra $100 billion would’ve come in handy during the contentious budget battles of recent weeks. It’s money already owed to the nation, mostly by its own citizens. Making it easier to collect, however, is the tricky part. “The revenues lost to tax havens might have — all by themselves — resolved the [budget] problem,” said Sen. Carl Levin, Michigan Democrat. “Whether you, like me, believe the budget cuts proposed by House Republicans are too deep, or whether you are a tea party fan who would use that revenue to fund additional tax cuts, there is no doubt that closing down tax-haven abuse would make a big dent in the problems we face.” Every April, as tax day approaches, many companies and wealthy individuals hide money or distort commerce in foreign bank accounts, said Nicholas Shaxson, author of “Treasure Islands: Tax Havens and the Men Who Stole the World.”
From: Ram Narayanan
INDIA ABROAD, APRIL 22, 2011, PAGES A5 AND A6 US SPECIAL: IRS TARGETS INDIANS GOT INCOME FROM LAND, PROPERTY OR ACCOUNT IN INDIA? THE TAXMAN IS LOOKING AT YOU The IRS is focusing on Indians in its drive against foreign-income fraud, discovers GEORGE JOSEPH DEADLINE: AUGUST 31 A United States citizen or Green Card holder must disclose his/her worldwide income to the IRS. If you are paying income tax in other countries, you may be entitled to a foreign tax credit here, but all worldwide income must be reported to the IRS -- including rental income from land or property. The IRS 2011 Voluntary Disclosure Program expires August 31.
"This case is merely the tip of the iceberg," said attorney Lawrence S Horn, who appeared for New Jersey businessman Vaibhav Dahake who pleaded guilty to one count of conspiring to defraud the Internal Revenue Service. Though the Indian community has not grasped the urgency of the issue, tax attorneys are warning people to immediately apply for tax amnesty before the deadline of August 31 to voluntarily disclose their income in foreign countries. The law requires that anyone who is a United States citizen or Green Card holder has to disclose his worldwide income to the IRS. If you are paying income tax in other countries, you may be entitled to a foreign tax credit here. But all worldwide income must be reported to the IRS, including rental income from land or property. The IRS started targeting Indians after a successful intervention with the Swiss bank UBS AG. About 15,000 people voluntarily disclosed their income from UBS. It mostly affected the Jewish community, attorneys noted. ... deleted
_____________________ http://www.washingtontimes.com/news/2011/apr/12/senator-to-introduce-bills-to-combat-tax-evasion/?page=1 THE WASHINGTON TIMES Senator to introduce two bills to help combat tax evasion
Offshore abuses cost U.S. $100 billion in lost revenue By Tim Devaney 6:45 p.m., Tuesday, April 12, 2011
Democrats and Republicans would be hard-pressed not to agree that an extra $100 billion would’ve come in handy during the contentious budget battles of recent weeks. It’s money already owed to the nation, mostly by its own citizens. Making it easier to collect, however, is the tricky part. “The revenues lost to tax havens might have — all by themselves — resolved the [budget] problem,” said Sen. Carl Levin, Michigan Democrat. “Whether you, like me, believe the budget cuts proposed by House Republicans are too deep, or whether you are a tea party fan who would use that revenue to fund additional tax cuts, there is no doubt that closing down tax-haven abuse would make a big dent in the problems we face.” Every April, as tax day approaches, many companies and wealthy individuals hide money or distort commerce in foreign bank accounts, said Nicholas Shaxson, author of “Treasure Islands: Tax Havens and the Men Who Stole the World.”
... deleted
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