Fwd: Fw: Raj Paruthi, CPA - FBAR Reporting Requirement - Reminder

[Srikanth Renukunta]

All,

See the below email and act as soon as possible (if needed). The last date to send the details is June 30th 2011.

In short:
If you have a bank account in India and the highest balance amount is $10K or 4.5 Lakhs (if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year) then you should send the details to US Department of the Treasury.

What if we do not do this?
Disclosure of this information is mandatory. Civil and criminal penalties, including in
certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report. Disclosure of the Social Security number is mandatory. The authority to collect is 31 CFR 1010.350 (formerly 31 CFR 103.24) . The Social Security number will be used as a means to identify the individual who files the report.

Please see the attached form.

Thanks
Shekar

----- Forwarded Message ----
From: Raj Paruthi CPA <r...@rajparuthi.com>
To: omka...@yahoo.com
Sent: Wed, June 15, 2011 12:24:33 PM
Subject: Raj Paruthi, CPA - FBAR Reporting Requirement - Reminder

RAJ PARUTHI, CPA PC Certified Public Accountants 23629 Liberty Street, Suite 104 Farmington, Michigan 48335-3530 Cal us Toll Free: 1-888-377-4CPA Phone: 248-470-8779, 248-894-2774,            248-888-0800, 248-702-7101   Fax: 248-786-6920 E-mail: r...@rajparuthi.com    Web: www.rajparuthi.com         Dear Friends, We had sent you information about FBAR requirements in the first week of May. In case you have not acted upon yet, you still have time till end of June to file this report. Please make a note that there is no extension available beyond June 30th, 2011. We also brought to your attention that non-compliance of the FBAR requirements includes a fine up to $500,000 or jail terms up to 5 years and deportation to home country. IRS is very strict this year on cracking down on the taxpayers who fails to abide by the law. Please note that this obligation of reporting is mandatory and equally applicable to everyone. It does not matter if you were on H1B, H4, L1, L2, EAD, Green card or US citizen; the law applies equally to all. You are required to file this report only if you have Rupees 4,50,000  (equivalent to USD 10,000) combined highest balance in all bank accounts outside United States at any  time in the Calendar year 2010, it does not matter if you do not have this much balance as on 12/31/2010, you are still require to file FBAR. You are also required to file this report if you have stocks or mutual funds or bond or certificate of deposits (fixed deposits) with any bank or financial institutions in the home country which equals Rupees 4,50,000 combing in all bank accounts also. If you own a company in India and the company has Rupees 4,50,000 (equivalent to USD10,000) any given point in time, the company is also obligated/liable to file this FBAR report as well. We would like to clarify that you will not get taxed on the money/funds or stocks in foreign country but the disclosure requirements must be met by filing FBAR. Moreover, there is no negative impact on you for filing this report. Hence, as good residents and citizens, all have to abide the law and provide appropriate disclosures. Those of you who have not filed this report, we are offering this service of filing FBAR at a very competitive reasonable price of $49 for each person/individual. If you are interested to avail this service, you can call or email us or simply pay $49 at our website at www.rajparuthi.com using your debit or credit card. If you need more information, you can also call us at 248-888-0800 or 248-470-8779 or 248-894-2774 or send email to r...@rajparuthi.com or nav...@rajparuthi.com. We hope to talk with you soon.   Sincerely, Raj Paruthi, CPA www.rajparuthi.com June 12, 2011     Personal & Business Taxes, Financial Statements, Payroll, New Business Start-up, Tax & Financial Planning, Business Consulting, Notary Public         email: r...@rajparuthi.com | web: www.rajparuthi.com

--
Cheers!!!
Shekar

--
With Regards,

Srikanth Renukunta,
1 774 253 4558.
srik...@synergysoftwaresolutions.com
http://www.linkedin.com/in/srenukunta