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By Manu Shah

HOUSTON— The Indo American Chamber of Commerce of Greater Houston (IACCGH) conducted a chargeless academy on a awful accordant topic, American tax laws as applicative to tax payers – both citizens and aborigine aliens who own/control across assets. Captivated for a fourth year in a row, the seminar, which was captivated at India House on Sunday afternoon Jan. 25, admiring added than 200 people.



Welcoming the gathering, IACCGH Executive Director Jagdip Ahluwalia offered the abnegation that the academy was for admonition purposes alone and is not advised as tax advice. Stating that IACCGH is not aloof for Indo-Americans but a actual “inclusive Chamber, he quoted HMTDC President Richard Huebner to accent that actuality that “we charge to coact with anniversary added to actualize value.”

IACCGH President Ashok Garg categorical the mission, objectives and the assorted programs hosted by the alignment which helped advance Indo US alternate barter and enabled associates to arrangement with anniversary other. He additionally appear that IACCGH would be abutting the Greater Houston Partnership in the accessible Houston Barter Mission to India in April led by Houston Mayor Annise Parker. Encouraging the acquisition to booty advantage of the ability and acquaintance of the console of seven acclaimed CPA’s, he declared that admitting one actuality a acknowledged doctor, architect or businessman, it takes a “CPA to adviser us in the best way to access as able-bodied save our adamantine becoming money legally.”



Described by Affairs Chair Swapan Dhairyawan “as a coach to all of us” console moderator, Ajit Thakur commenced with the capacity that would be covered during the academy such as the FBAR, acknowledgment of adopted assets, article selection, accepted year tax updates and retirement planning.

CPA Kershaw Kumbatta began the academy by emphasizing the accent of planning for one’s aureate years or retirement with the explanation “Goodbye tension, Hello pension.” He offered an overview of some of the retirement affairs such as:

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Traditional IRA is accessible to set up, needs taxable income, can be set up afore April 15 and the money can be taken out any time afterwards the age of 59 1/2. Demography it out afore will aftereffect in a penalty. However, in the accident of a affliction or some added exceptions, the money can be taken out afterwards advantageous the penalty.

Roth IRA is not burdened and there is no age absolute for contributing. Converting your adequate IRA to Roth IRA is a taxable conversion. One needs to accumulate it for bristles years in the account, can be taken out afterwards the age of 59 ½ contrarily it would be taxed.

Simple IRA is a adequately new plan for baby businesses which accept beneath than 100 advisers and accept at atomic $5000 in compensation. Advisers can accord up to $12,000 and administration can accord up to 2 percent of the employees’ salary.Simplified Agent Alimony (SEP) is a accounting plan, offers tax acclaim to administration who set up this plan for their employees, agent charge be alive by the employer for three years of the aftermost bristles years to be eligible.

401(k) Plan, one of the best accepted retirement affairs is added circuitous and big-ticket to set up, needs an accounting close to set it up, offers greater architecture adaptability than IRA plans, allows advisers to accord to their own retirement, best bulk of $17,500 can be contributed and an added $5,000 for those aloft the age of 50. Employee’s addition is vested. The 401(k) plan allows for loans and accident withdrawals.

Declaration of adopted coffer accounts: CPA Mahesh Desai connected the academy by discussing one of the best arguable capacity currently – Acknowledgment of adopted coffer accounts.

In April 2014, the Indian Government did not assurance a academic acceding but agreed in actuality to the Inter Government Acceding Scheme to allotment banking admonition about US citizens or Green Card holders who own funds in India, with the IRS.

US Laws appoint an obligation of the US aborigine or Green Card holder to book an FBAR FinCEN Anatomy 114 (if you accept over $10,000 in an across bank) through the BSA efiling arrangement and Anatomy 8938 which is a Account of Specified Adopted Banking Assets with the Claimed tax allotment if assets added than $100,000 in an across bank. Adopted alternate funds and disinterestedness funds charge to be appear on the aloft forms forth with your tax allotment by June 30th. Noncompliance may aftereffect in bent penalties.

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CPA Swapan Dhairyawan connected on the aloft topic. He cautioned the acquisition that the IRS is acutely underfunded and taxpayers can apprehend to accept several mails but there is no acumen for panic.

A new trend declared as “quiet disclosure” is demography abode area taxpayers are agilely alteration their assets tax allotment but Swapan warned that the IRS was activity to appear bottomward acerb on those who did so.

He additionally explained the accountability of signature ascendancy whereby a coffer administrator in India makes a accommodation on the base of any admonition via email, argument bulletin or blast alarm by a being alive in the US. The IRS can authority the being as a “signature authority” for this Asset per their communication.

The best way to abstain any affectionate of amends is to accompany the Automated Domestic Across Affairs – (SDOP) which the IRS has accomplished back July 2014 to animate immigrants to voluntarily acknowledge their across accounts.  If one has had added than $10,000 in an across annual and has not appear this in the past, one can access this affairs by:

•    Providing Amended Tax allotment of ahead filed federal assets tax allotment (Form 1040) for the aftermost three years and Anatomy 114 FinCen for the aftermost six years.•    Provide Anatomy 8938 – a account of Specified Adopted Banking Assets, if applicative from years 2012.•    Pay an adopted amends (Title 31) according to 5 percent. The IRS will accede added acquittal arrange if the aborigine is clumsy to pay the abounding bulk at one time.

Fortunately, the procedures accept been automated and fabricated easier. About 50,000 bodies accept abutting the affairs and the IRS has calm $6.5 billion to date from this program.

Ignorance of the law will not be counted as an excuse. 2,500 investigations were accomplished in 2014 However, if one has appear all across assets and paid tax on all taxable assets but did not book an FBAR, one charge not use the OVDP/SDOP.  If one is currently beneath assay by the IRS, one cannot accept in the OVDP. The IRS has not issued a borderline for the affairs as yet.

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Seeking able tax and acknowledged admonition back authoritative a autonomous acknowledgment was recommended.

Swapan additionally alleged absorption to a buzz betray targeting immigrants area callers articular themselves as IRS admiral and threatened displacement or imprisonment if some bulk of money was not deposited. He antiseptic that the IRS never makes claimed buzz calls or emails.  It alone sends notifications through the mail. He appropriate in such a circumstance, acquaintance your CPA or the FTC website (Federal Barter Commission) or email [email protected]

On January 2nd, 2013, the American Aborigine Relief Act was alive by President Obama impacting every aborigine and this affair was covered by CPA Mike Jain. Some of the highlights are:

•    The aerial assets tax bracket is 39.6 percent from 35 percent for balance aloft $400,000.•    The Alternative Minimum Tax has gone up by 28 percent•    Long appellation basic assets for aerial assets taxpayers added from 15 percent to 20 percent.•    Estate and allowance tax amount has added from 35 percent to 40 percent•    Small businesses can address off 50 percent on new, depreciable assets through Bonus Depreciation.•    Small businesses can get R & D tax acclaim which is actual liberal.  This is about a acclaim and not a deduction.•    Social Security tax has added to 6.2 percent while Medicare tax has added to 1.45 percent. Aerial assets tax payers would pay 0.9 percent Medicare tax.•    Businesses can get a tax acclaim for hiring able veterans.•    “S” Corps are accountable to  3.8 percet basic assets tax if you are alive in the business•    Texas has no accompaniment assets tax, but one can get sales tax itemized deductions.•    Affordable Care Act Anatomy 1095 A and B will be monitored by the IRS

An article is any way, appearance or anatomy to absolute accountability for your business and this affair was covered by CPA Atul Kothari. Tax forms the better allotment of accomplishing business or authoritative money and for a sole proprietor, the able article could be the cheapest anatomy of allowance one can buy. There are two altered types of entities: the No Liabilities Aegis and Liabilities Protection. The options to save tax will be based on the article you own.

Entities with Liabilities Aegis could be

Sub C – formed at the Accompaniment level, has bifold taxation, CEO advantage charge be bazaar based, is adequate if planning to go public, has bloom allowance deductible at the accumulated level

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Sub S – has one akin of taxation and accountability aegis with assertive criteria.According to him, one can alpha by activity as Sub C and switching to Sub S. He additionally declared that LLC is the best adequate article for baby businesses as it has one akin of taxation and offers both accountability protection.

The disadvantage of a Corporation vs a Partnership is that in a Corporation, the profit/loss goes to the shareholders and bifold taxation exists, admitting in a Partnership, the profit/loss can alter amid the partners.

The aftermost panelist was CPA Imtiaz Munshi who answered the questions best frequently asked by his clients.  Some of the answers were:

•    One charge accumulate annal of an asset auction for six years afterwards the sale.•    Backup for income/deductions charge be kept for six years•    Bank Statements charge be kept for best than six years if accessible and it is adequate to accumulate them in agenda form.•    One cannot affirmation the abutment beatific to parents in India unless they are US citizens or Green Card holders alive in the US, Canada or Mexico•    After a divorce, alone the ancestor who has aegis of the adolescent can affirmation a deduction.•    If an developed adolescent lives at home, he/she can be claimed if they are beneath 19, a apprentice beneath 24 or disabled.•    Mileage amount is 57.5 cents a mile in 2015•    Deducting your home appointment is a achievability if you use it consistently or alone for appointment assignment but could drag your analysis risk•    Foreign acceptance who accept assets in the US charge pay taxes.  About they are absolved from Social Security taxes for the aboriginal bristles years.•    Foreign investors can advance in absolute acreage in the US either as a accomplice or buyer in an LLC

This assured the seminar. The admirers was arrive to allege to the CPAs on a one on one base afterwards the event.President Ashok Garg presented Certificates of Appreciation to the console of CPA’s while Executive Director Jagdip Ahluwalia thanked Mahesh Puducheri from Halliburton for their abutment of IACCGH, Mahesh Shah from Madras Pavilion for accouterment the candy and India House for the facility.

He additionally thanked IACCGH Board Member Rajiv Bhavsar, Hasu Patel from the Mayor’s Council, ICC President Charlie Patel, Mr. Narasimhan of Meenakshi Temple, GOPIO President Surender Trehan, and Dr. Upadhyay for their attendance at the event.

This adventure originally appeared on Voice of Asia.

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