Accelero Corporation

  Introduction Taxes can become quite confusing for US citizens and residents with financial accounts in other countries. Enter the Foreign Account Tax Compliance Act or FATCA, a US regulation that has drastically altered how foreign financial institutions (FFIs) manage accounts belonging to US taxpayers. Understanding FATCA is critical for anybody with overseas assets, as it can impact your tax reporting duties and potentially result in costly penalties if not handled properly. Accelero Corporation a Leading CPA will Help you to Understand USA INDIA Taxes. FATCA: A Look Back at Its Origins FATCA was enacted in 2010 in response to growing concerns about tax avoidance by US citizens who hide their income in offshore accounts. Prior to FATCA, US people may possibly protect their offshore assets from the Internal Revenue Service (IRS), resulting in substantial tax losses for the US government. How Does FATCA Work? FATCA essentially mandates foreign financial institutions (FFIs) to id...

  Introduction The United States, like India, has a worldwide income tax system. This means that Uncle Sam taxes its residents' global income, regardless of where it is generated. For Indian expats living and working in the United States, this might lead to a nightmare scenario: double taxation. The US-India Double Taxation Treaty (DTT) serves as a saving grace in this situation. Accelero Corporation a Leading CPA in Hyderabad can help You with USA INDIA Taxes. Understanding Double Taxation and the DTT's Role Double taxation happens when the same income is taxed in both the country of residency (the United States in this case) and the source country (India). The DTT tries to ease this burden by establishing clear guidelines for how income is taxed in each country. Important Points to Remember The DTT provides relief to Indian expats in a variety of ways: Residency Matters: To be eligible for DTT advantages, you must be a tax resident of India. A Tax Residency Certificate (TRC) ...