I need a CPA to file taxes in USA. I am a US tax resident with passive income in India including investment in mutual funds. Please recommend a CPA who deals with US taxation and have experience with FACTA/FBAR And PFIC.
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CPA for US tax
Replies (2)
Quick Summary
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Core Issue: Standard tax filings will not suffice. Indian Mutual Funds are PFICs, requiring specialized Form 8621 filings for each fund to avoid severe tax penalties.
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Reporting Thresholds: The CPA must evaluate and file FBAR (FinCEN 114) if foreign balances aggregate above $10,000, and FATCA (Form 8938) if higher asset limits are hit.
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Next Steps: Saurabh needs to pull complete transaction histories and annual statements from his Indian mutual fund houses (AMCs) and seek out a specialized cross-border CPA/EA firm experienced in the US-India corridor.
Thanks Aashok, can you help or can you reffer someone who can help.
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