CPA for US tax

• 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.

• 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.

• 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.

Look for a US CPA or Enrolled Agent who regularly handles US residents with Indian investments, including PFIC classification and Form 8621 reporting, FBAR (FinCEN Form 114), and FATCA reporting on Form 8938. Indian mutual funds may be PFICs; the treatment depends on the specific funds and your holdings, so ask about their experience with Indian fund statements and available annual information. I can’t recommend a specific practitioner based on the information provided.

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