| Author | Message | ||
     Coolmac Comedian Username: Coolmac Post Number: 1693 Registered: 05-2007 Posted From: 65.170.103.156 Rating: N/A |
ilaanti letter okati Geithner ki nene raadhaam anukunna.... evaro already raasesaaru  | ||
| Gandhiguevara Hero Username: Gandhiguevara Post Number: 17662 Registered: 10-2009 Posted From: 75.55.199.5 Rating: N/A |
citizen vuncles and aunties saduvukondi | ||
| Gandhiguevara Hero Username: Gandhiguevara Post Number: 17661 Registered: 10-2009 Posted From: 75.55.199.5 Rating: N/A |
GLOBAL ORGANIZATION of PEOPLE of INDIAN ORIGIN GOPIO International P.O. Box 560117, New York, NY 11356, USA Web: www.gopio.net, Tel: 818 708-3885, E-mail: gopio-intl@sbcglobal.net June 27, 2011 Hon. Timothy Geithner Secretary US Department of Treasury Washington, DC Ref: Voluntary Disclosure of Outside Income by American Citizens Dear Secretary Geithner: The United States Internal Revenue Service (IRS) had announced on February 8th, 2011, a new Voluntary Disclosure Program, which is a tax amnesty program for those holding income in foreign countries. The law requires that anyone who is a US citizen or US permanent resident to disclose his/her foreign income. In the tax amnesty Voluntary Disclosure Program, one has to declare the interest and rental income of the last 8 years, i.e. from 2003-2010. The IRS has declared 20% accuracy penalty on undeclared taxes and a 25% Foreign Bank and Financial Accounts (FBAR) penalty on the highest balance between 2003 and 2010. The Global Organization of People of Indian Origin (GOPIO International) recognizes that the necessity for the IRS to take needed actions and enact rules to track money flowing to terrorists and as well as the drug money kept in safe havens outside the United States. Many people holding foreign bank accounts were unaware of these rules simply because these rules were never publicized by the IRS to the general public. Even most accountants preparing and filing the annual individual tax returns did not inform or alert their clients about this requirement. In many cases, people had transferred money to have a retirement income or home or to provide support for extended family in the foreign countries. There was no deliberate intention to avoid taxes on interest earned during the process of acquiring home/apartment or supporting family or children’s education. It was not planned to be unjustifiable enrichment. Generally taxes on such income were deducted at the source by the local tax agency, except it was not reported with the US income tax filing. To: Hon. Timothy Geithner June 27, 2011 (Cont’d) GOPIO is a civic organization monitoring and addressing issues of interest and concern among people of Indian origin worldwide. GOPIO is headquartered in New York and has chapters in all major US cities and major metropolitan areas of the USA which has a rapidly increasing population of Indians contributing significantly in all areas of the US economy and society. GOPIO requests the IRS to review and reconsider the rules towards more practical and prudent application. We believe that universal application of the law should be on an equitable basis, on principle of fairness and in good conscience without undue burden to the US taxpayer. Strict application of compliance with the law on hard working Americans who are not aware of the law can lead to irreparable distress and unforeseeable consequences for a large number of innocent citizens who did not consciously or knowingly violate the rules. We at GOPIO are in full agreement that all our citizens must be in compliance and pay taxes due to the US government. Since this information was not available to people at large in a timely manner, we appeal for the following: 1. That those who had less than $250,000 in their bank accounts any time between 2003 and 2010 should not be subjected to the 25% penalty, if they are qualified under the Voluntary Disclosure Program. In many cases, these hard working Americans had transferred locally taxed money to pay for their retirement homes or to support their families or for children’s education, etc. 2. That the 20% accuracy penalty on undeclared taxes and a 25% Foreign Bank and Financial Accounts (FBAR) penalty be substantially reduced for those who did not knowingly miss the filing deadlines. 3. That the last date for voluntary disclosure to be extended to December 31, 2012. 4. That the US Government should publicize the Voluntary Disclosure Amnesty Program in ethnic newspapers and other community media in multiple languages as well as IRS representatives to be interviewed by print, radio and television media to bring about more awareness. Thank you for your review and favorable consideration. Sincerely, Inder Singh Ashook Ramsaran Dr. Piyush Agrawal Dr Thomas Abraham Chairman Executive Vice President US National Coordinator Former Chairman GOPIO is a non-partisan, non-sectarian global organization with chapters in several countries, actively promoting the interests of people of Indian origin worldwide by monitoring and addressing current critical issues of concern, and by enhancing cooperation and communication between groups of Indians living in various countries as well as with their respective countries of domicile. Contact: Inder Singh Chairman, GOPIO International Tel: 1-818 708-3885 E-mail: gopio-intl@sbcglobal.net |
