You are required to file this report if you have Rupees 4,50,000 (equivalent to USD 10,000) combined highest/maximum balance in all bank accounts outside United States at any time in the Calendar year 2011, it does not matter if you do not have this much balance as on 12/31/2011, you are still require to file FBAR.
You are also required to file this report if you have stocks or mutual funds or bond or certificate of deposits (fixed deposits), post office savings accounts/schemes with any bank or financial institutions in the home country which equals Rupees 4,50,000 combing in all bank accounts also.
If you own a company in India and the company has Rupees 4,50,000 (equivalent to USD10,000) any given point in time, the company is also obligated/liable to file this FBAR report as well.
It does not matter if you were on H1B, H4, L1, L2, EAD, Green card or US citizen; the law applies equally to all.
We would like to clarify that you will not get taxed on the money/funds or stocks in foreign country but the disclosure requirements must be met by filing FBAR. Moreover, there is no negative impact on you for filing this report.
Please make a note that this report is due on 06/30/2012 and there is no extension available beyond June 30th, 2012
We would like to bring to your attention that non-compliance of the FBAR requirements includes a fine or jail term. IRS is very strict this year on cracking down on the taxpayers who fails to abide by the law.
If you are interested to avail this service, you can call or email us or simply pay $49 at our website at www.rajparuthi.com using your debit or credit card. If you need more information, you can also call us at 248-888-0800 or 248-470-8779 or send email to raj@rajparuthi.com
