Friday, October 12, 2012

Published Article On TaxIndiaInternational.com

One of the most common problems we see in our practice is the plight of recent immigrants to the United States who are never told in citizenship class that the United States taxes its citizens and residents on their word-wide income and that they have to file FBAR’s and other forms to register their foreign accounts and assets with the US government. This is an issue immigrants cannot ignore. For many, it is a ticking time bomb which will go off once FATCA kicks in next year and the year after and foreign banks start to reporting their American clients to the IRS.

Please take a look at my article, "Tax Justice For Recent Immigrants To USA- What They Don't Teach In Citizenship Class: FBARS's And Foreign Assets", that was published today on TaxIndiaInternational.com.

4 comments:

  1. Great service you are doing helping educate new immigrants to America. It is sad the way many are getting trapped by these onerous requirements. Why isn't the State Department doing this with their visa application and approval process? That is a rhetorical question.

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    1. One would think State should think to add this to their literature, what with the slew of renunciations.

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  2. Very interesting article, thanks! I haven't read much on this topic yet, but I'm sure that many people need to become aware of this.

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  3. US treatment of immigrants with accounts predating their entry to the US (and predating their US taxable status) is very nearsighted. In the rush to fleece people and invent pretexts to tax their non-US assets, the US has lost sight that other countries are welcoming stronger ties with India http://www.international.gc.ca/media_commerce/comm/news-communiques/2012/02/16a.aspx?lang=eng&view=d The US is not the only country where those from India can look to immigrate and do business. Those in India who see how badly the US treats new immigrants - effectively criminalizing their legal assets back home, will spread the word and advise others to look elsewhere. Why allow or encourage immigration by those with skill, education and pre-existing assets if you're not going to prepare them to be tax and financial reporting compliant? Unless the whole point is to catch innocent people unawares in order to justify a shake-down.

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