India-U.S. Tax Issues: FATCA/FBAR Reporting Compliances, NRE/NRO Account Requirements, Tax Treaty Benefits, Benefit of Foreign Tax Credits and the Exclusions

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, February 27, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will assist tax preparers with the complexities of filing U.S. Form 1040, U.S. Individual Income Tax Return, for taxpayers who are also filing Form ITR in India. Our panel of experts will review and explain India's Form ITR, including its categories of income and deductions. They will help simplify the calculation of the related foreign tax credit and identify taxable retirement accounts and foreign reporting obligations for individuals filing returns in both countries.

Description

The complexities of filing individual income tax returns for U.S. persons (residents and green card holders and citizens) who also file Indian returns are many. Since the U.S. taxes worldwide income and not all earnings that are tax-exempt in India are tax-exempt in the U.S. (NRO accounts, for example), earnings from these additional accounts must be identified and included on the individual taxpayer's 1040, Schedule B. Understanding the tax treatment of investment accounts unique to India is critical for practitioners preparing these returns for clients.

Our panel will review details of Indian income tax returns, including the types of income taxed, relative tax rates which helps the tax professional understand the return in entirety and will be able to maximize the foreign tax credit for double-taxed income. They will address additional challenges relative to reconciling the types of income taxed and tax withheld at source given that the U.S. follows calendar year and India follows the assessment year April 1 to March 31.

Listen as our panel fleshes out taxable income, deductions, credits, and accounts required to meet U.S. reporting obligations for Forms 8938 and the FBAR, and as well as outlines ways to minimize taxes paid on Form 1040 by taxpayers filing returns in both the United States and India.

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Outline

  1. Identifying taxpayers with filing obligations in the U.S. and India
  2. Review of Forms ITR: categories of income and deductions
  3. U.S. taxation of Indian investment and retirement accounts
  4. Calculating the foreign tax credit
  5. Accounts subject to FATCA and FBAR reporting
  6. Inheritance taxes
  7. Other unique issues

Benefits

The panel will review these and other critical issues:

  • Heads of income and tax rates of income on India's Forms ITR
  • Taxable income and reportable accounts often held by dual U.S.-India filers in the return and FBAR/FATCA filings
  • The taxability and reportability of Indian investment and retirement accounts
  • Calculation of the foreign tax credit considering the fiscal year ITR
  • Help understand mutual fund investments in India and its impact on the U.S. tax return and proper planning strategies
  • Basic inheritance considerations for assets obtained from India
  • Exchange rates to be used for the income/expense item
  • Identify taxable retirement accounts and foreign reporting obligations for individuals filing returns in both countries

Faculty

Parthiban, Christy
Christy V. Parthiban, EA

Senior Tax Manager
MyTaxFiler

Ms. Parthiban joined the MyTaxFiler team in 2018 after having worked with leading organizations including a Big 4....  |  Read More

Yathiraj, Ravi
Ravi Yathiraj, EA
Senior Tax Manager
MyTaxFiler

Mr. Yathiraj's expertise is spread around but not limited to U.S. tax compliance, IRS small business &...  |  Read More

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