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Posted by:   |  Jul 07, 2017
NRI-TAXES-PictureIf you are an NRI (Non Resident Indian), you need to file your income tax returns if you fulfill any of these conditions: Your taxable income in India during the year was above the basic exemption limit, i.e. Rs. 250,000 You have earned short-term or long-term capital gains from sale of any investments or assets,...

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Posted by:   |  Feb 27, 2017
Blog 3 - PictureAn IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct. Taxes are complex and gray areas abound. So, if you think that you filed taxes and reported everything, still...

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Posted by:   |  Jan 30, 2017
Blog 2 FBARPlease note: The due date for Financial Bank and Financial Accounts FBAR Filing for financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the Federal income tax due date. This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. The Act also mandates...

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Posted by:   |  Jan 09, 2017
Blog 1 pictureYou may Need to renew your ITINs! It might have expired. Two reasons an ITIN would Expire as of 1st Jan 2017: If you did not use ITINs for your spouse and dependents – like kids and parents, on a US Tax Return at least once in last three years 2013,2014 and 2015 OR If...

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Posted by:   |  Sep 12, 2016
  Starting early in 2016, you may receive one or more forms relating to the health care coverage you had during the 2015 year. The Affordable Care Act requires nearly all Americans to have health insurance. This form serves as proof to the IRS that you had coverage. There are three versions of the 1095...

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Posted by:   |  Aug 01, 2016
          If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach. The IRS has teamed up with state revenue departments and the tax industry to make sure you understand the dangers to your...

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Posted by:   |  Aug 01, 2016
When you sell a capital asset, the difference between the basis in the asset and the amount you sell it for is a capital gain or a capital loss. Almost everything you own and use for personal or investment purposes is a capital asset. Examples include a home, personal-use items like household furnishings, and stocks...

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Posted by:   |  Jul 15, 2016
  As part of a national effort by states to combat stolen-identity tax fraud, many states have taken extra efforts to deal with the situation. Here are below few examples: Each state has introduced on their website the ways you can report Identity theft to them   All states or state may request taxpayer’s and...

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