IACCGH Free Seminar to Ease the Stress in Tax Filing

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HOUSTON: Why is it crucial for Indo Americans to disclose their foreign assets?

Is the 401(k) plan better than Roth IRA for a tension free retirement?

What are the major changes in the tax laws in 2016?

These questions and many more will be answered by six of the city’s renowned CPA’s and Tax consultants at India House on February 28, from 2 pm to 5 pm. They will also be available after the seminar to answer concerns and questions from the attendees.

Organized by the Indo American Chamber of Commerce of Greater Houston (IACCGH), this free seminar is being held for the fifth year in a row to enable Houstonians who have overseas assets to learn and comply with IRS regulations.

According to Event coordinator and well known CPA Swapan Dhairyawan, concerns about overseas assets have gotten more pressing in the last few years. This seminar aims to educate the Indo American community and other Houstonians about laws that affect them directly as well as protect their wealth during their working and retirement years. The Amnesty scheme on Overseas Assets still continues under a different framework and the same will be explained.

The focus of last year’s seminar was the FBAR and its implications. US Laws impose an obligation on the US citizen or Green Card holder to file an FBAR FinCEN Form 114 (if you have controlling/ signatory interest for over aggregate $10,000 in an overseas bank) through the BSA efiling system and Form 8938 which is a Statement of Specified Foreign Financial Assets with the Personal tax returns. Foreign mutual funds and equity funds need to be reported on the above forms along with your tax returns. Noncompliance may result in criminal penalties.

According to tax advisors, as of last year more than 60,000 people have availed the Amnesty OVDP scheme which generated over $6.5 billion to the Treasury. The implementation of FATCA treaty signed between the US and Indian government requires financial institutions to share information about their client’s accounts with the IRS. This also effectively answers the question “How will the IRS know I have a bank account or mutual funds in India.”

Some of the other topics that will be delved into are contract labor issues, retirement planning and non-profit organization compliance. The growth of nonprofit organizations and the issues related to responsibility and duties will be discussed as well. The seminar attracts a sizeable gathering and it’s a good idea to pre-register to ensure a seat. Registration can be done by logging on to www.iaccgh.com

IACCGH, a not for profit established in  1999, has been actively working to foster Indo US bilateral trade, promote the economic interests of the Greater Houston region and educate the community on relevant matters. Members include corporations, professionals and small business owners.

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