Led by board certified dermatologist, Indira Misra-Higgins, DO, BHSCI provides the most advanced, comprehensive dermatologic care to patients in all age groups (pediatric through geriatric) with all skin types.As a physician with over 10 years of private practice experience, Dr.
As the date of FATCA compliance- January of 2014, rapidly approaches, the Securities and Exchange Board of India and the Reserve Bank of India are about to finalize FATCA, which means that Indian and all global banks, mutual funds, brokerage firms and depositories begin reporting accounts belonging to US citizens or with US addressees. Compliance is only a few months away and the clock is ticking!
“After Singh Law held its first information session last month, it raised the profile on how important this law is becoming,” says Seema Singh, Managing Director of Singh Law LLC., based in Princeton, New Jersey. residents who have Indian income and assets in India must know the following. Green card holders who are staying in the United States or abroad and all other tax residents in the U. must declare global income in their Federal tax return and pay their tax. Institutional financial investments in India must also be reported to the US Treasury by June 30th of each year if the maximum value of those investments exceeds $10,000 in U. Seema Singh is a practicing attorney and Managing Director, Singh Law LLC, with offices in Princeton, New Jersey and New York City. SSingh Law.comotivating force for marriage is universal – love.
“Our goal is to assist individuals and small businesses as the law rolls out.” Indian Income and Assets. Her firm has more than 16 law practice areas including Business Law and Corporate Law. However, in some cultures beyond the shores of the U. and within, there are other equally powerful motivators like money.
Cicero, De Legibus Seema Singh is a committed attorney, consumer advocate, and warrior for human rights. If not, brace yourself because it can get complicated. opened this conversation, understandably hungry for money after its 2008 fall from financial grace and the need to look for revenue, other countries suffering under global economy woes are also looking for their fair share of new revenue from any available sources, individual or corporate. Global country players including England, Denmark, Norway, Switzerland, Mexico, Ireland, Germany and Spain have already signed compliance agreements, and many other country agreements (probably 80) are still pending. Quinlan, President of the Center for Freedom and Prosperity asserts a disturbing claim in his article: With trillions invested in the U. from foreign sources each year, a loss of a mere fraction of this could spark another recession.
Her tenacious zeal to fully prepare herself for a career in law and business... law creates an umbrella of scrutiny that immediately targets nations throughout the world to effect formal compliance. tax code has not made a revision in offshore tax haven accountability in more than 50 years but this is about to change with the implementation of FATCA. These are emerging changes signaling the beginning of a global tax evolution. President Obama’s initial FATCA premise was “commonsense reform to restore balance and fairness in our tax code” and to “crack down on illegal tax evasion, close loopholes and make it profitable for companies to create jobs in United States.” As the law has evolved for implementation, there have been Congressional additions and scope creep of the law. This outreach includes India and for Indian Nationals or Non-Resident Indians, including those who are citizens of the United States, an understanding of this new law may soon be critical. Following the stringent rules of compliance, financial assets- even including personal loans- need to be reported with Form-1040 if those assets exceed $50,000 in U. It’s thus easy to see why the Joint Committee on Taxation estimated the law would raise a paltry $800 million per year, which is less than 1 percent of the $100 billion the law’s backers dubiously claim is lost to tax evasion each year.
Offshore tax evasion is not going to be a piece of cake anymore with the introduction and implementation of the Foreign Account Tax Compliance Act or FATCA. Of course, there are always two sides to a story and the latest in tax policy is no different. Back in 2012, US Federal Reserve Chairman, Ben Bernake and US Treasury Secretary, Timothy Geither met with Prime Minister, Dr. Although many might wish the law would go away, NRIs and Indian Nationals are getting a new wake up call. Hopefully, this blog series Indian Income on the Global Stage, may point you in the right direction, but, if you fall into these four categories, it would certainly be prudent to speak to your tax attorney or adviser in detail.
Manmohan Singh in New Delhi, to open up examination of ways to prevent offshore tax evasion. It is important to realize however that taxes paid to India can be claimed against tax payable in the U. This means if you have paid tax in India, you can file paperwork, which will allow you to deduct that taxable income from your U. Give yourself enough time to plan and take the action that is right for you.
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