Efficient Filing Of FBAR Accounts

The moment June 30th gets closer most American citizens start thinking automatically about FBAR. FBAR also known as Foreign Bank Account Reporting is a Treasury Form TD F 90-22.1, that has resulted because of the federal form oblivion onto the front page. According to its clauses, if you are holding foreign bank accounts and the aggregate amount is more than $10,000 anytime during the year, then you need to file the FBAR by June 30th or face legal consequences in the form of penalties.

 

However, there are certain categories of financial accounts that can be reported under FBAR. They are:


* Bank accounts, i.e. saving, current, fixed deposit accounts and so on

* Securities or brokerage account

* An account with a person that acts as a broker or dealer for futures or options transactions

* An account with a person in the business of accepting deposits as a financial agency

* Insurance or annuity policy with cash value such as, LIC, ULIP

* Public provident fund

* Shares in a mutual fund or similar pooled fund

* Gold kept in locker facility provided by the bank


The question is if you have not disclosed your foreign bank account on the tax returns and have not even filed the earlier FBAR’s then should you file it in the future. If you have decided to come all clean with all your foreign bank accounts under the OVDP, then  the answer is certainly yes. Even if there has been only a pre-clearance from your end, it is still essential to file FBAR. However, what if someone is not making a voluntary disclosure under the OVDP? The solution lies in first reviewing the assumptions as it might just get short sighted not to join the OVDP. Secondly, it is also important to consider the alternatives and the facts.


This is where a tax planning agency can help you in filing your FBAR with the required guidelines, making the process smooth for you. Some of the services they offer include:


* Offers consultation and impact analysis

* Provides planning and analysis to reduce FBAR Penalty

* AMT Strategies

* Foreign Tax Credit

* Review of previous OVDI cases

* Mutual Fund or PFIC computations

* Helps to prepare required to take part in the OVDP program

* Helps to prepare your Tax Amendments and Delinquent FBAR

* IRS Representation by Enrolled Agents or Affiliated CPAs and Attorneys


Some tax planning agencies charge you less than other firms whilst offering quality services. These services help you to file your FBAR correctly and avert any kind of harsh penalties.


Read More About: IRS Amnesty

Significance of Timely FBAR Reporting

There are numerous taxpayers who skip filing the FBAR forms despite owing foreign bank account as their accounts are not earning income or interest. However, it is essential to note that the FBAR reporting guidelines do not do away with these cases. It is essential to file an FBAR form even if foreign bank accounts of individuals are not generating much income. The FBAR is a yearly reporting and not a tax reporting requirement.


There is yet another common mistake that many taxpayers make by thinking that they can attain FBAR reporting extension just by extending the date their income tax returns are due. It is important to know that FBAR form is separate from income tax returns and is an additional attachment. Hence, attaining an extension to the income taxes has to influence on whether the foreign bank account is due. Today there are extensions granted for the FBAR but it is essential to file this request individually prior to June 30th of any year.


The reportable financial accounts on FBAR include the following:


* Bank accounts i.e. saving, current, fixed deposit and the like.

* Securities or brokerage account

* An account with a person that acts as a broker or dealer for futures or options transactions

* An account with a person in the business of accepting deposits as a financial agency

* Insurance or annuity policy with cash value like LIC, ULIP

* Public provident fund

* Shares in a mutual fund or similar pooled fund

* Gold kept in locker facility provided by the bank


However, for proper FBAR filing and better suggestions it is best to partner with a tax planning agency that helps resident individuals, green card holders and other taxpayers with:


* Total compliance

* Consultation and Impact Analysis

* Analysis and planning to minimize FBAR Penalty

* AMT Strategies, Foreign Tax Credit

* Review of 2009, and 2010 OVDI cases

* Mutual Fund or PFIC computations

* Preparation of forms required to participate in the OVDP program

* Preparation of Tax Amendments and Delinquent FBAR

* IRS Representation by Enrolled Agents or Affiliated CPAs and Attorneys

* Last but not the least, all this for a fraction of the cost charged by other firms


The moment an entity or an individual is deemed to be non-compliant with FBAR reporting guidelines, the IRS generally communicates the same by sending a non compliance taxpayer a 30 day letter. However, if an individual is cooperative the FBAR fines and penalties can be minimized by the IRS.


Read More About: IRS Amnesty, Entity Formation, Overseas voluntary disclosure

Advanced Clinical Trials Portfolio By Indian CRO’s

The field of biometrics studies and analysis can be described as a set of technologies and methods that are used to recognize humans, depending on a certain set of traits. Biometrics traits can be divided into two principal groups. First, the physiological traits that are associated with the body shape, where we can include face recognition, palmprint, fingerprint, iris recognition, DNA, hand geometry and many more. Second, the behavioral traits that are related to an individual’s behavior, such as typing speed and style, walking gait, voice quality and many more.


Clinical research organizations (CRO) in India today offer a complete range of data management services in bioequivalence along with Phase I-IV clinical trials. The objective is to convert raw data into accurate, inconsistent and dependable trial output staying in compliance with regulatory services. The CRO’s have the ability to manage multi-centric studies for global and domestic needs in various therapeutic areas. The Biometric services provided by them are used by several biotechnology, device, and pharmaceutical and other medical research organization.


Indian CRO’s (Clinical Research Organizations) that conduct various clinical trial have their own dedicated Biometrics teams capable of helping clients at multiple levels of the trails and medical studies. They assist the clients with their advanced technologies and skill to come up with study designs, analysis processes, and interpretations and provide help with the overall clinical development program. The teams are further backed up by the new age software applications including Win non line and SAS.


There are Indian CRO’s that provide a comprehensive range of Data Management services in Bio-equivalence and Phase 1 studies. The agenda is to convert raw data to reliable, precise and consistent trial results in compliance with the regulatory services and policies. Furthermore, the clinical development programs focus on accelerating the regulatory submission process and lessen the timeline with the help of excellent service quality and advanced thinking. The multiple sections of Biometrics in CRO’s include the following services:


Data Management


* Data Acquisition

* Data Reconciliation

* Discrepancy Management

* Medical Coding (MeDRA & WHODD)

* Database Lock

* Data Extraction for Reporting


Database Programming


* CRF Design (paper & electronic)

* CRF Annotation

* Database Programming

* Validation Checks

* Metadata Repository Management


Biostatistics


* Randomization

* Sample size estimation

* Trial Design Inputs

* Statistical Analysis Plan

* Statistical Analysis

* Biostatistics Subject Matter Expert


Pharmacokinetic & Pharmacodynamic Studies


* Sampling Point Estimation

* Technical Document Review

* PK/PD Query Resolution

* PK/PD Subject Matter Expert

* Pharmacokinetic support across study engagement


PK/PD Reporting


* SDMS Data Extraction

* PK Data Analysis

* PK Summary Reporting


Statistical Reporting


* TLF Programming

* CDISC Data Mapping (SDTM & ADaM)

* Clinical Data Repository

* Pooled Data Analysis & Reporting

* Safety (ADR) Reporting

* Patient Profiles & Data Cleaning Reporting


This apart, Biometrics services in certain CRO’s also manage Phase I – IV clinical researches for several domestic and global requirements in several therapeutic areas. In addition to that, the service portfolio is utilized by several pharmaceutical, biotechnology, diagnostics, device and research organizations.


Read More About: Biometrics Companies, Bioavailability, Clinical Pharmacokinetic

Advanced Biometrics Service Portfolio by CRO’s

Biometrics recognitions are generally based on two principal premises about body traits, namely distinctiveness and permanence. The identification and applicability precision of a certain biometric train principally depends on to what extent these two premises hold relevance for the population at large. Face, fingerprints and iris are some of the well known physiological traits that are used in commercial biometric systems. Whilst fingerprint can capture more than 50 percent of the civilian market share.

 

On the other hand distinctiveness and permanence of several behavioral traits proposed in medical literature such as gait, signature and keystroke dynamics are weak. It has been observed that very less operational systems depending on these traits have been implemented so far. The selection of a certain biometric modality generally depends on the requirements and nature of the intended identification application. For instance, voice biometrics have been apt in authentication applications including mobile phones as a sensor for tracking voice is already embedded in the phone.

 

Indian CRO’s (Clinical Research Organizations) that conduct various clinical trials have their own dedicated Biometrics teams capable of helping clients at multiple levels of the trails and medical studies. They assist the clients with their advanced technologies and skill to come up with study designs, analysis processes, and interpretations and provide help with the overall clinical development program. The teams are further backed up by the new age software applications including Win non line and SAS.

 

Clinical research organizations (CRO) in India today offer a complete range of data management services in bioequivalence along with Phase I-IV clinical trials. The objective is to convert raw data into accurate, inconsistent and dependable trial output staying in compliance with regulatory services. The CRO’s have the ability to manage multi-centric studies for global and domestic needs in various therapeutic areas. The Biometric services provided by them are used by several biotechnology, device, and pharmaceutical and other medical research organization. The service portfolio includes the following:

 

Database Programming

 

* CRF Design (paper & electronic)

* CRF Annotation

* Database Programming

* Validation Checks

* Metadata Repository Management

 

Data Management

 

* Data Acquisition

* Data Reconciliation

* Discrepancy Management

* Medical Coding (MeDRA & WHODD)

* Database Lock

* Data Extraction for Reporting


Pharmacokinetic & Pharmacodynamic Studies

* Sampling Point Estimation

* Technical Document Review

* PK/PD Query Resolution

* PK/PD Subject Matter Expert

* Clinical Pharmacokinetic support across study engagement

PK/PD Reporting

* SDMS Data Extraction

* PK Data Analysis

* PK Summary Reporting

Biostatistics

* Randomization

* Sample size estimation

* Trial Design Inputs

* Statistical Analysis Plan

* Statistical Analysis

* Biostatistics Subject Matter Expert

Statistical Reporting

* TLF Programming

* CDISC Data Mapping (SDTM & ADaM)

* Clinical Data Repository

* Pooled Data Analysis & Reporting

* Safety (ADR) Reporting

* Patient Profiles & Data Cleaning Reporting


Biometrics team in the CRO’s is expert to support their clients at every Clinical trial stage. The biometric services include statistical analysis, protocol writing and report writing and the team is well equipped by advanced software such as SAS and WIN NonLin.


Read More About: Bioavailability

Combat Phishing Attacks Effectively

Are you safe when you are browsing online or are viewing the online festive deals? Not many people are sure whether their anti-virus or anti-spyware protection is robust enough to secure them from cyber criminals and third party attacks. Internet happens to be the hub of scammers now with the upsurge of online shopping and other activities. Phishing has come up as a dangerous and malicious form of attack as a result of social engineering and increased social network. Simply put, Phishing e-mails and activities intend to rob an individual, corporation or a brand of its confidential and vital information.

Phishing Attack Losses

With data being the most crucial asset of any enterprise, Phishing attacks pose a serious threat to an enterprise’s confidential information. This data can be present in the form of employee bank details, email ids, contact details, business development plan, competitor analysis report, market research, branding and advertising campaign details and much more. Once this vital information is lost then it can lead to monetary loss, brand erosion and even result in lesser shareholder value. There are times when this information cannot be retrieved and can even hamper the entire computing system or network. Furthermore, all these hassle resulting in reducing the overall organization productivity level.

Today there are certain generic anti-Phishing solutions that have so far only helped to address the concern at a superficial level. The security features offered is only evaluated the attack from a top view and is unable to penetrate and diagnose the complexities of an attack. In order to provide an aid to this concern and safeguard valuable data today there are innovative Phishing protection solutions that service providers have introduced.

The modern day Phishing protection service providers have made this solution available to the users in the form of innovative anti-Phishing software. The software can be used by the consumers and enterprises like an automated device that is installed internally within a company. The people, process and technology inputs are already fed into the system from before. Post this simulated Phishing attack is set up for a specific team or employee. The software further keeps on tracking the user response. Simultaneously, the anti-Phishing solution provides statistics on consumer behavior assessing the security awareness ratio amidst the workers and detects any data leakage. Furthermore, it also analyzes Data Loss prevention programs and reviews any incident response program. All these processes put together helps you to be aware of how Phishing attacks work and stay secure from any forthcoming Phishing mails and links.

Read More About: Protection from Phishing, Anti Phishing Tool.

Software Engineering Trends from IEEE Computer Society

Software engineering is a relatively new field and therefore is in a constant evolution. This is a good phenomenon as the it indicates that the techniques and processes that are used to set up software are becoming better, robust and reliable with the passing day. There have been several trends over the past few years that have emerged in the field of software engineering and involve multiple aspects ranging from mobility, software processes, and user interface to even the ethical and legal issues that are involved in this vertical.

 

Real analytics is one aspect of the this domain that involves data processing in order to attain a better understanding of how the huge amount of data that business houses own is telling them. This affects the database theory in a huge way in a way that the organizations should be able to access and store their entire data. It also affects the analysis and modelling as companies require sorting out all the data. The analysis should be able to offer them with a dashboard or insights to assist the business houses to come to better decisions for the future.


This apart, Cloud computing too has several influences on software engineering. However, the most crucial of all has to do with the ethical and legal aspects. It presents a host of concerns as it generally involves someone or certain business saving potentially private and valuable data with someone else. The one offering the service has the accountability to make sure that the information is kept safe and sound. Even there is no security breach there is still a chance of the company selling certain data to other companies in order to gain other data in return.


Today several individuals, ranging from IT students to software professionals who want to stay updated on various software engineering trends. Though the internet offers multiple sources, but there is something interesting about the IEEE Computer Society. While this online body professes that they are interested in educating its members in their universities, they have not put much emphasis on faculty member’s work associated with educating the future IT engineers and software professionals.


IEEE Computer Society proactively publishes a mix of well researched, top-quality, peer-reviewed, topical magazines that present the best in current research, developments, and timely information, edited to improve readability and clarity. “Computer” is a flagship IEEE computer magazine that offers in-depth technical content on various aspects of computer science, computer engineering, technology training , and applications.

Trends In Indian Clinical Trials

Medical science and technology has developed significantly over the past few years globally. In this regard, the Indian subcontinent has witnessed a steady rise and expansion in the field of clinical trials, medical researches and studies and is becoming one of the most coveted hubs for medical tourism. This it proves that the Indian medical sector has taken proactive steps in medical treatments and drug development activities.

 

With the amount of applications for medical research and studies are increasing, the pace of clinical trials is estimated to grow in the future years. According to a report published by the Booming Clinical Trials Market in India, the expansion of medical studies by the global and domestic players is on the rise every day. In keeping with this expansion, clinical trials in India are predicted to touch the benchmark of 1950 by 2013.


A major reason for this growth is generated by the occurrence of industry sponsored trials that has played an important part in clinical research programs. These apart, other important aspects for instance a standard clinical architecture and expert medical professionals also improve the rate of clinical trials in the country.


Indian Clinical Research Organizations (CRO) off late has been carrying on clinical trials, giving focus on the Phase II and Phase IV trials. This helped them to join hands in the form of strategic tie-ups with other medical institutions and hospitals. This makes sure that the CRO’s have the access to vast and informative databases that has all the details for important therapeutic areas and other essential proprietary therapies, diagnostics and drug development procedures.


Furthermore Indian CRO’s has their own clinical research programs that implement innovative study designs pertaining to clinical pharmacology, Phase 1 studies, clinical Pharmacokinetic analysis, bio- analytical procedure development that is in turn conducted by a group of expert research associates and medical coordinators. The approach they undertake is 360 degrees and make sure that the sponsors also benefit from the vast range of services, like:


* Pharmacy Services that ensure a strict compliance with GCP and other allied international regulatory requirements

* Feasibility Studies

* Clinical Trial Supplies & Management

* Biostatistics

* Project Management

* Clinical Monitoring

* Volunteer Recruitment & Planning


Other than effective clinical researches, there are other essential services that CRO’s provide, such as medical writing, bio studies, and multiple researches on bioequivalence, bioavailability, biometrics that are conducted in various centers in agreement with international regulatory services, governed by the accuracy of a dedicated quality assurance team.

Importance of Regulatory Services in Clinical Trials

With strict timelines and complex regulatory documentation process, conducting a clinical trial and running it fast is often easy in words than action. The key milestones, such as IRB approval, including drug shipment and patient randomization can be attained only after years of successful negotiation of clinical trial agreements and finishing important regulatory documents.

 

Most clinical trials get obstructed by the ineffective, labor-intensive processes from protracted contract negotiations to redundancy and the absence of a quality assurance, regulatory services and financial disclosure documentation.Time consuming and ineffective activation can hinder the investigator satisfaction and have a negative bottom-line influence for sponsors and CRO’s.


In the meanwhile the Sunshine Act has been increasing the significance of the financial disclosure in clinical trials. With a competent financial disclosure and regulatory policy strategy, sponsors cannot assure that the physical self-reported financial disclosure data are in line with the payment information that is being reported via the Sunshine Act. The discrepancy in information can maximize financial and regulatory risks. Hence, addressing the modern day complex compliance needs making use of manual processes tends to be error prone, time consuming and poses risk on a CRO. Automating and streamlining the business and financial management of clinical trials from contract and financial negotiations via payment management helps to position an organization to comply with compliance needs cost-efficiently.


Regulatory services and quality assurance offered by CRO’s in India comprise the vital components of the entire medical service portfolio. There is a separate team for regulatory and audit compliance that is in turn supported by an in-depth data on the regulatory processes and efficient liaison with multiple regulatory agencies that assures the effectiveness of the clinical trial approval process. Regulatory solutions provided by eminent CRO’s have helped in conducting audits of global and Indian regulatory agencies. Eminent CRO’s have been sanctioned for submission of studies to places such as NPCB Malaysia, MOH Israel, National Medicines & Poisons Board, Republic of Sudan and many more. The service portfolio includes the following:


* Formulation of regulatory strategies

* Compilation of the clinical trial application

* Submission and follow-up of the application

* Responding to regulatory agency queries

* Procurement of drug import licenses

* Procurement of NOC for export of biological samples

* Tracking of applications and approvals

* Safety Reporting

* Submission of Clinical Safety Report (CSR)

* Renewal of Import License


CRO’s offering regulatory services have their own legal network that assists in contract negotiations round the globe with clarity and efficiency, so that your legal team is well equipped to monitor risks on an enterprise level.


Read More About: biometrics companies, Bioavailability, Clinical Pharmacokinetic

Why Should Companies Give Importance to Reverse Logistics?

To define in simple terms, reverse logistics is a process that refers to all the processes related to repairs, product returns, maintenance, recycling and distributing the materials and products. In its entirety it incorporates all the running products in reverse through the supply chain to attain maximum value.

 

Importance of Reverse Logistics


Enterprises that have implemented reverse logistics have been able to enhance consumer service and response times, minimize environmental influences by minimizing waste and enhance complete corporate citizenship. Other reasons for which enterprises need to execute reverse logistics strategies include the following:


* Enabling the trader to receive the products back from the consumer or send the unsold merchandise back to the manufacturer to be taken for sorting or recycling and reducing the overall expenses for an enterprise.

* Reverse logistics can be valuable in maximizing the product life cycles, retainable practices, supply chain complicacies and customer preference that needs to be improved to maintain growth and productivity.

* The gains can comprise maximizing speed of production, reducing expenses (administrative, transportation, repair, aftermarket maintenance and replacement) retaining consumers by enhancing the service objectives and catering to sustainability objectives.

* A greater value can be obtained from the returned or used products than wasting manpower, cost of the raw materials and time needed in the original supply chain solutions.

* Enhanced customer satisfaction and loyalty by giving greater attention to the faulty goods and repairs of the merchandise. Reverse logistics can also result in gaining feedback to make necessary enhancements and improve the overall understanding of the actual reasons for product returns.


In addition to that, not all distribution networks are established to manage the product that comes back from the field. There are situations when boxes that are returned often wind up on the warehouse shelves that takes up valuable space, depreciating fast and challenging the operational efficiency. Today service providers of system integration solutions have come up with advanced reverse logistics programs that offer the following services:


* Detrash and destruction of returning materials (CDs packaging materials, etc.)

* Date code based warranty assessment

* Test diagnostics and repair

* Software and/or firmware upgrades

* Refurbishment

* Repackaging

* Warehousing and Distribution

* Legally compliant disposal (i.e. WEEE and SB2050)

* Web-based inquiry and reporting


The advanced reverse logistics system is designed especially to manage the supply chain process in a logical and efficient manner. The service providers  have expert staff having the required experience in refurbishing a vast array of products in minimal time and then putting them back into the field tested and up to our clients’ cosmetic standard generally within 24 hours or less.

Reduce Costs and Increase Customer Satisfaction with Fulfillment Solutions

In today’s fiercely competitive business environment, enterprises need to focus on their core competencies to maximize profits. For product manufacturers, their entire focus must be on manufacturing products of excellent quality. However, the reality of the situation is that most enterprises spend a considerable amount of their valuable time on retail packaging, warehousing, inventory management,order fulfillment, shipping so on and so forth. This eats up their valuable time, which in turn affects their business profits.

 

So what is the solution?


The best possible solution is to entrust the last mile fulfillment challenges to an experienced partner. The term fulfillment stands for the “process of taking an order and executing it by making it ready for delivery to its intended customer. It may involve warehouse pickup, packaging, labeling, etc.” Some service providers offer all the services while some offer these services separately. It is upon the enterprises to make the decision based on their specific business needs. Let’s look at some of the services offered by the fulfillment companies.


* Warehousing

The fulfillment company takes all the steps required to store the item or product until an order comes in. This includes refrigerating items that are perishable at room temperature and air conditioning or heating items that are temperature sensitive. In short, it ensures that all storage and handling requirements are met.


* Inventory Management

It maintains and publishes inventory counts as goods are shipped.


* Pick and Pack Services

Once an order for a product comes in, the fulfillment company takes care of everything from picking the ordered item from the warehouse to packaging the product according to its type.


* Shipping

The fulfillment company ships the packaged product to its rightful owner.


The following are some of the fulfillment solutions offered by a leading fulfillment service provider:


* Fulfillment, Warehouse, and Distribution Solutions

* Retail/OEM/Wholesale Packaging (hardware and software pack out: retail box, RF sealing clamshell packaging, blister pack, shrink wrap etc.)

* Retail fulfillment solutions

* Customization:  Custom kitting, Promotional solutions, Serial number capture etc.

* POP (point of purchase) display manufacturing

* Order Management

* Inventory Control, Lot Control

* Distribution -- Direct to Store or Distribution Center

* Online Visibility, Inquiry and Reporting


Thus, collaborating with fulfillment service providers can help manufacturers to focus on their core competencies as the fulfillment companies would take care of activities such as warehousing, receiving the orders, packaging, and then shipping the ordered item or product to the end consumer.


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