tag:blogger.com,1999:blog-1519969502186924526.post2547066996504586567..comments2023-10-24T08:00:53.865-05:00Comments on Federal Tax Crimes: Superseding Indictment for Dr. Ahuja Adding Conspiracy Count (9/28/11)Jack Townsendhttp://www.blogger.com/profile/14469823736335455874noreply@blogger.comBlogger128125tag:blogger.com,1999:blog-1519969502186924526.post-86189395693458813522011-10-18T12:00:21.390-05:002011-10-18T12:00:21.390-05:00"But who will bell the cat, or rather the IRS..."But who will bell the cat, or rather the IRS ? "<br /><br />When on the wrong side of the law, only possible mercy from the cat(IRS) is a wishful thinking..<br /><br />Again, we do need a deep thinking of all the laws that can be applied to citizens/residents.<br /><br />when the law (such as FBAR) was written/passed by the congress, could they have perceived such a broad application ?ijhttp://ij.orgnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-43922818273194094902011-10-17T16:50:22.041-05:002011-10-17T16:50:22.041-05:00'In this case I would send out 10 random immig...'In this case I would send out 10 random immigrants to opt-out and see what happens to them, to test the result. '<br /><br />But who will bell the cat, or rather the IRS ?Nnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-86956147510502232872011-10-14T16:04:37.233-05:002011-10-14T16:04:37.233-05:00I am thinking of an audit risk insurance idea for ...I am thinking of an audit risk insurance idea for opt-outs.<br /><br />Let's say there are 10 immigrants each with $100K in assets, for a total of $1 mil.<br /><br />If they stay in the program, they pay 25%, $25,000 each or $250,000 in total.<br /><br />Now let's say they all opt-out. What is the chance of being audited, and what is the financial risk? Let's say 30% are audited:<br /><br />1 immigrant is charged 10% = $10,000<br />1 immigrant is charged 20% = $20,000<br />1 immigrant is charged 30% = $30,000<br /> ----------<br /> $40,000<br /><br />This equals only 4% of the $ 1 million<br /><br />So if the immigrants each pay 4% into an insurance fund, that would cover those that would be audited.<br /><br />It eliminates the unknown factor, which is the primary fear that I am reading here, and gives them a reasonable amount that they can afford to pay.<br /><br />If you use a professional international insurance company like Lloyds of London for example, they would charge a fee for administering it, but they would also provide the lawyers to minimize audit loss, since it is on them, after the premium is paid.<br /><br />The problem is getting some actuarial statistics about happens in OVDI and in the opt-out situation.<br /><br />In this case I would send out 10 random immigrants to opt-out and see what happens to them, to test the result.Mnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-26161325731054328582011-10-14T11:09:29.477-05:002011-10-14T11:09:29.477-05:00To Anon...October 13, 2011 8:53 PM
Thanks for tha...To Anon...October 13, 2011 8:53 PM<br /><br />Thanks for that link and suggestion. I don't know about the other 30,000 that were in the OVDI and OVDP, I will definitely put a comment here. I am sure it will has a much impact as my comments on the new form, 8938... But again, nothing ventured, nothing gained. <br /><br />BTW, have you looked at this, and commented?<br /><br />http://www.irs.gov/pub/irs-dft/i8938--dft.pdf<br /><br />All should be posting comments on this too...<br /><br />Here is what ACA has to say about it if you need some help framing a response.<br /><br />http://www.aca.ch/joomla/images/pdfs/8938comm.pdfJust Menoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-31527139867569350732011-10-14T10:19:55.724-05:002011-10-14T10:19:55.724-05:00To Anon.. October 13, 2011 10:40 PM
Just a follow...To Anon.. October 13, 2011 10:40 PM<br /><br />Just a follow on. I would also read all the July threads. Some good information there too...<br /><br />So repeat, read all July, August and September comments in order, and where people reference IRM sections or other articles. Read them too. It might take you a few days, but it would be very beneficial for you. And if you have already done this, then just ignore me! LOL<br /><br />If you do that, you will have a good basis of understanding that would make your time with a OVDI Professional Practitioner much more valuable.<br /><br />regardsJust Menoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-2225989550978684552011-10-14T10:08:20.015-05:002011-10-14T10:08:20.015-05:00Good for you!! My letter is in process..
btw, he...Good for you!! My letter is in process..<br /><br />btw, here is a new piece from yesterday on the perils of FATCA, which I will probably use, as it is fairly succinct. <br /><br />http://bit.ly/nMJMF6<br /><br />I do have others that have more in depth analysis, but this is pretty good.<br /><br />I do see FATCA as part and parcel of the entire VD process, I try to hammer the theme that current Tax evasion efforts are off the rails, with lots of very negative consequences and a lot of cost and systemic risk to the entire Financial industry going forward. I try to tie everything together...<br /><br />Intentions good… Clamp down on evasion. Results bad, as the unintended consequences outweigh the benefits. <br /><br />Justice Department UBS prosecution lead to...<br />IRS OVDP... led to<br />FATCA.....led to<br />IRS OVDI.... led to<br />IRS USBATCA regulations (my acronym)..Lead to<br />Boustany's letter<br /><br />Now, what will that lead to..?Just Menoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-54662561839992468622011-10-14T09:19:35.881-05:002011-10-14T09:19:35.881-05:00To Anonymous October 13, 2011 10:40 PM
As someon...To Anonymous October 13, 2011 10:40 PM<br /><br />As someone who went through the 2009 OVDP, I just want to second that comment from Jack. He is absolutely right!! I did the entire process myself, but... I paid for key decision point advice, which was very helpful. I think it was value well spent, without adding significant cost to the entire process. <br /><br />Jack has a list of OVDI attorneys who are knowledgeable. When the time comes, I could contact one of them. Given the pace of how the IRS handled the OVDP examinations, I would bet you are still 6 months or more away from having to make an Opt Out decision. <br /><br />In the meantime, read past blog threads here. You are on the best blog on the internet when it comes to OVDI knowledge. At a minimum, I really recommend you go through all the archived posts in order, in the August and September time frame even if the topic does not seem germane to your needs. Sometimes the comments do stray off course a bit, but there maybe valuable information there.<br /><br />If you did that, you would receive a very good education which would make your conversations and time with a professional more valuable and succinct. You would be paying less for basic IRS rules, regs and process education, and more for the actual advice you need. Self help is important, but it doesn't replace good professional council.Just Menoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-898946988752001532011-10-14T08:38:57.140-05:002011-10-14T08:38:57.140-05:00Just Me said...
I called up Mr Boustany's off...Just Me said... <br />I called up Mr Boustany's office and the receptionist did mention that their are staffers<br />for scheduling appointments with him after initial vetting.<br /><br />The best way to communicate is to write to him.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-68752029359683276442011-10-14T08:11:19.042-05:002011-10-14T08:11:19.042-05:00To Anonymous October 13, 2011 10:40 PM
The issue...To Anonymous October 13, 2011 10:40 PM <br /><br />The issue of whether to opt out is a lot more nuanced than just consideration of the facts you present. I recommend that you engage a professional to help you make that judgment call. And, of course, you should put off making the decision until you are formally presented the option to opt out. By then, there may be sufficient anecdotal evidence as to what is happening to opt outs whose cases have gone through audits. You can make a better informed decision then. But, I do think you could benefit from an experienced practitioner who can develop all of the facts that may bear upon the decision.<br /><br />Best,<br /><br />Jack TownsendJack Townsendhttps://www.blogger.com/profile/14469823736335455874noreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-80297574754036211002011-10-14T04:31:04.958-05:002011-10-14T04:31:04.958-05:00Supreme court justice clarence williams did not d...Supreme court justice clarence williams did not disclose $700k income, charles rangel, geithner got away with fbar. birkfield who is in prison should be subponaed to release the politicians names who had ubs accounts. maybe he will write a book when he gets out and will name names.why we are the only ones paying a heavy price.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-90461086542502298402011-10-13T22:40:22.550-05:002011-10-13T22:40:22.550-05:00Hi Jack
I am on an H1B for the last 10 years in t...Hi Jack<br /><br />I am on an H1B for the last 10 years in the U.S. I had NRE fixed deposits in India in SBI and did not know that NRE interest which is income tax free is taxable in the U.S. I sent out an extension request on the 7th of September. I am not sure if I did the right thing by joining OVDI. My FBAR penalty could be close to 50K and I am looking at tax and penalty of about 16K. <br /><br />I am ok with the tax and penalty because it was a mistake on my part but the FBAR penalty is horrendous given I have close to 200K in my account.<br />I am only on a Working Visa, the money in my NRE Account was never withdrawn and the idea was to save money for retirement in India.<br /><br />Would I stand any chance of getting my FBAR penalty reduced in the event that I opt out ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-34651757782636743182011-10-13T21:29:11.143-05:002011-10-13T21:29:11.143-05:00I think that we should, at a minimum, be targeting...I think that we should, at a minimum, be targeting Congressman Charles Boustany, Jr., MD., Chairman, Subcommittee on Oversight.<br /><br />Here is his web site...<br />http://boustany.house.gov/<br /><br />Washington, DC Office<br />1431 Longworth House Office Bldg<br />Washington, DC 20515-1807<br />Phone: (202) 225-2031<br />Fax: (202) 225-5724<br /><br />He is already on record in strong opposition to IRS actions requiring US Banks to report interest earned by Non Residents back to foreign governments. He obviously is responding to lobby pressure from US Banks, and so he probably would be in sympathy with anything that the IRS is doing that is seen to be egregious. Additionally, with the election coming on, it provides a political opening to hammer the Obama Administration, and as a Republican, he wouldn't be able to pass up the partisan opportunity. Why don't we all write him??Just Menoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-78411018308692871242011-10-13T20:53:41.360-05:002011-10-13T20:53:41.360-05:00Jack, Just me, M, ij and all,
Came across the inf...Jack, Just me, M, ij and all,<br /><br />Came across the information below on IRS website.<br />Link below. Supposedly meant for tax professionals. <br /><br />Do you think 12,000 (and more) opinions will count? Emailed on same day?<br /> <br />Jack your thoughts please.<br /><br />=====================================<br />http://www.irs.gov/businesses/article/0,,id=234917,00.html<br />===================================<br /><br />IRS Civil Penalties Virtual Mailbox<br /><br />"Shaping the Future of Civil Penalties"<br /><br />The Internal Revenue Service is committed to ensuring civil penalties are imposed in a fair, consistent and efficient manner. This includes application of penalties that are comprehensible and effective in promoting voluntary compliance.<br /><br />We invite you to share your comments regarding ways to improve the Civil Penalties Program. Specifically, we are requesting your assistance in determining barriers and soliciting recommendations for an enhanced penalty strategy that achieves the following desired states:<br /><br />Penalty Consistency –IRS applies appropriate penalties to taxpayer actions and circumstances in a fair and uniform manner <br />Penalty Comprehensibility –IRS and taxpayers demonstrate an understanding of taxpayer reporting, filing, and payment obligations as it relates to civil penalties <br />Penalty Effectiveness - IRS applies and abates penalties in a manner that positively affects future reporting, filing, and payment compliance <br />Penalty Efficiency –IRS administers penalties promptly and accurately, so not to impede timely processing of case resolution <br />Your recommendations will be used to address weaknesses in the current program and design a uniform approach to penalty administration.<br /><br />Please provide your comments to the following questions. Do not include any information regarding specific taxpayer cases. <br /><br />Question #1: What are the factors that influence an effective Penalty Program? (i.e., "What are we already doing well?")<br /><br /><br />Question #2: What are the barriers to an effective Penalty Program?<br /><br /><br />Please submit your comments to: sbse.civil.penalties@irs.gov .Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-16988492165145746942011-10-13T20:01:21.714-05:002011-10-13T20:01:21.714-05:00talk about spreading the wealth around, it couldn&...talk about spreading the wealth around, it couldn't have been any better. We are all F$$$ed By Arbitrary RulesAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-62694459855512094882011-10-13T18:59:23.734-05:002011-10-13T18:59:23.734-05:00to connect we can setup a email id such as ovd@yah...to connect we can setup a email id such as ovd@yahoo.com. Those interested in forming<br />a group and coming up with a plan of action<br />can then send their contact info to ovd@yahoo.com<br />and we can plan on contacting over phone and forming a team. If others have a better idea, i am ready to hear and follow.<br />As M said let us see if we can get something constructively achieved.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-31998729761059835962011-10-13T18:10:02.918-05:002011-10-13T18:10:02.918-05:00On the subject of corrupt greedy politicians, each...On the subject of corrupt greedy politicians, each party has their share, but I think the time may be ripe for a press on the Republican greedy politicians because of the confluence of timely phenomena: (1) many of the real big-time tax evaders tend to be of the Republican persuasion (the theological mantra of I am rich and bigtime because I -- that is a big I -- deserve to be rich and earned it all myself and I should not have to contributed to civilized society because I am a "job creator" and hence can hide money offshore because, in the end, if I didn't it would just encourage parasites; hence, evasion of unjust taxes is my duty to the world) and so forth. But, since the Republicans can't do anything except block action, you will have to enlist some corrupt greedy democrats so that affirmative action can occur.<br /><br />The problem is that for anything to happen it has to be in the benefit of the rich but appear in the clothing that Congress is really helping all of those who have been mistreated by the IRS OVDP and OVDI programs. You just have to find some way that your efforts will help the superrich and then you may get the attention of these scumsuckers who are in the pocket of the superrich.<br /><br />But just pleading that the minnows are getting screwed is not the issue. It should be but it is not. Get focused on some benefit for the superrich and you will find that Congress will fall in line and you can get some relief (but only if the superrich get more relief; that is just the cost you pay for relief).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-49384281145590931182011-10-13T17:47:47.409-05:002011-10-13T17:47:47.409-05:00Let these indian organizations contact the ambassa...Let these indian organizations contact the ambassadors, politicians re excessive fbar penalties. Indians contribute a lot to their elections. It is about time to be paid by these corrupt greedy politicians.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-16457923179365100242011-10-13T16:23:18.076-05:002011-10-13T16:23:18.076-05:00M said...
I agree with M. Let us not roll on self...M said... <br />I agree with M. Let us not roll on self pity, blame<br />others.<br /><br />How can we connect?<br />What would be a possible action plan with a possible<br />outcome?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-92158043356700786822011-10-13T15:34:48.454-05:002011-10-13T15:34:48.454-05:00To: N
Let's put our egos aside and work towar...To: N<br /><br />Let's put our egos aside and work towards a solution. What are your ideas?Mnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-83141157567437173242011-10-13T15:33:51.035-05:002011-10-13T15:33:51.035-05:00"Heck if other congress men like Charlie Rang..."Heck if other congress men like Charlie Rangel who write the tax code can get away without paying the FBAR penalty..."<br /><br />Charles Rangel is also the author of the "exit tax". He's an odious and contemptible waste of oxygen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-63508822583270775722011-10-13T15:29:49.425-05:002011-10-13T15:29:49.425-05:00Just Me - I am going to send Bloomberg an email. I...Just Me - I am going to send Bloomberg an email. I dont have a problem with OVDI but being tagged as a "tax cheat" for a reporting requirement that was not well publicized is too harsh a characterization. I will let you know what I hear. I presume not too many OVDI 2011 participants will send an email but i would encourage them to do so even if its anonymous - its not a question of getting relief from penalties its more a question of how the program is being perceived by the journalists who are blinded by these dogmatic press releases.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-79725528491615087882011-10-13T14:18:44.871-05:002011-10-13T14:18:44.871-05:00'Maybe arvind ahuja's trial will awaken th...'Maybe arvind ahuja's trial will awaken them. "<br /><br />I don't believe Arvind Ahuja makes a good poster child for immigrants objecting to FBAR penalties. Unless you believe that Dr. Ahuja didn't remember $1M + of interest income (despite apparently being involved enough to ask his bankers for the highest interest rates possible) on his returns.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-37652122625551302062011-10-13T14:12:07.512-05:002011-10-13T14:12:07.512-05:00"Has anyone tried to talk to Meera shankar th..."Has anyone tried to talk to Meera shankar the<br />Indian Ambassador about this? Maybe she herself<br />could be having an FBAR issue."<br /><br />Certain US taxpayers are exempt FBAR requirement such as US diplomats, military etc..<br /><br />I am not sure if a foreign diplomat is considered US person at all.ijhttp://ij.orgnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-71558113542953880602011-10-13T13:39:21.188-05:002011-10-13T13:39:21.188-05:00Similar to action being taken against Swiss banker...Similar to action being taken against Swiss bankers, should USA take action against Govt of India.<br />Since Govt of India allowed for liberalized NRI investments, lots of indians moved their after tax money to india. Most of those would have deposited their money in their name or in joint account with family. So there was no intent to hide or evade. The interest income out of the deposits not reported must be miniscule compared to the income earned and reported in US.<br />Given good relations between US and India, shouldnt the govt of india intervene and work on a possible mitigation guideline/penalty.<br />Heck if other congress men like Charlie Rangel who write the tax code can get away without paying the FBAR penalty, why should i who pay for salaries of these congressmen as a taxpayer<br />be held to a different standard.<br /><br />Has anyone tried to talk to Meera shankar the<br />Indian Ambassador about this? Maybe she herself<br />could be having an FBAR issue.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1519969502186924526.post-82432996247646303372011-10-13T12:40:18.723-05:002011-10-13T12:40:18.723-05:00thank you fo your experiences, makes me feel relat...thank you fo your experiences, makes me feel relate to my depression, etc.<br />I never knew this fbar and now i have to pay 50% of my inheritance to usa govt. it stinks to stay in this country, a police state.The Indians are afraid to fight this irs/fbar discrepancy. They have such big organizations but are afraid. Maybe arvind ahuja's trial will awaken them.Anonymousnoreply@blogger.com