Have Tax Questions? Ask a Tax Expert for Answers ASAP
thanks, XXXXX XXXXX heard that people on H-1 should declare they worldwide income and thought that working under F-1 (OPT) and J-1 was the same.
In any case what concerns me is mostly 2010 (I was not in the US on 2009).
I did not know that I had to file a FBar and that I had to file my foreign bank interest(I don't even know how much I made then).
2011 is not of concern as I did not earn enough (made less than 9000) so I did not file taxes nor the 8938.
2012 I filed my taxes, the 8938 , reported (and paid taxes on) my foreign bank interest gained and sent Fbar ( I learned all of this just year).
The CPA that filed my taxes told me to send the Fbar just for this year as IRS would be happy enough that I reported all my foreign assets and interests.
The questions is, how shall I behave? Do I risk criminal prosecution?
that's exactly my point, I want to be as clean as possible, my fear is that if I comply, they will still charge me penalties, is it likely?
In any case I do not have much of a choice.
If, for example, I would go for the second option (unlikely), is there a possibility of criminal prosecution?
Of course there was no fraudulent intent, the fact is and you know that, many CPAs are not really knowledgeable and give bad advices.
I will take care of it. Also Irs has the info from my account through this year FBAR and 8938 so if they want to investigate they can.
Last question, so the OVDI program is not for me right?
in addition who should help me a CPA or a Tax lawyer?
you confirm that I do not need go through the OVDI program right?
sorry I am not sure I understand. By having to amend my 2010 tax returns (adding up the interest I gained on my foreign bank account) means that I have tax liability, so do I have to go through the expensive OVDI or I just need to amend that return and send the FBAR for the past years?
I appreciate your response on this.
In any case, and then we covered it all, my case is not a criminal one as I did not know truly that I had to report this interest for 2010, right?