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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...
User Photo NEERAJ BHATIA, CPA
Tax Professional Level: Tax Enthusiast

Mere transfer of a deposit account from overseas bank to US does not make it taxable, and only the interest earned will be taxable. However, the issue of taxabllity of such interest income/ penalty for non filing...   Read More
If A Couple Divorces And One Spouse Is Keeping Money Hidden In A Foreign Bank Account, What Happens If The Wife Did Not Know Anything About...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

You are talking about what is called an "Innocent Spouse". There are two qualifications to be met. The first one is done in this scenario. One spouse has unreported income that the other had no knowledge of or...   Read More
What Happens If Someone Has A Foreign Bank Account And Does Not Report It? I Read That The IRS Has Made This A Top Priority For Compliance.
User Photo Virginia La Torre Jeker, J.D.
Tax Professional Level: Tax Enthusiast

Anyone in this situation should seek qualified tax advice from a US taxation attorney and discuss the risks and tax issues associated with the various options to remedy their situation. In certain cases, delinquent...   Read More


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