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Non-Resident Indian (NRI) is an Indian citizen who has migrated to another country, a person of Indian origin who is born outside India, or a person of Indian origin who resides permanently outside India. A large number of the NRIs left India as a result of a job offer, for example as a software engineer […]
On September 1, 2011, the Internal Revenue Service announced that it is granting taxpayers whose preparers were affected by Hurricane Irene until September 22, 2011 to file returns normally due September 15. The taxpayer’s preparer must be located in an area that was under an evacuation order or a severe weather warning because of Hurricane […]
Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011. For those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by September 9, 2011: Identifying information must be submitted to the Criminal […]
On August 18, 2011, the Internal Revenue Service announced that interest rates will decrease for the calendar quarter beginning October 1, 2011. The rates will be: three (3) percent for overpayments (two (2) percent in the case of a corporation); three (3) percent for underpayments; five (5) percent for large corporate underpayments; and zero and […]
Introduction: OVDI Deadline is August 31, 2011 On February 8, 2011, the Internal Revenue Service initiated 2011 Offshore Voluntary Disclosure Initiative (OVDI), a special voluntary disclosure initiative, designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. While this […]