I became a US citizen this year (2015). I have accounts and CDs in Indian banks. What is the tax implication to me in US, if those accounts are closed now and the funds transferred to my a/c in US and I include them in my taxable income, for e.g. from 2016.
Tax Professional Answers
The Voluntary disclosure program might help if that deposit, while in Indian banks, or income from that deposit was not reported in the US taxes returns and/ or FBAR filings during 2015 and prior years.
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