Enjoy Benefits of Foreign Bank Accounts through FBAR Compliance

An offshore bank is a bank that is located outside the country of residence of the depositor. A foreign bank account or an offshore bank account helps in international diversification and provides benefits such as greater privacy and protection against financial instability. Since foreign bank accounts are typically found in regions of low tax jurisdiction, they are often associated with terms such as underground economy, organized crime, tax evasion and money laundering. However, legally, offshore bank accounts offer several benefits. Let’s look at some of these benefits.


* Easy access to deposits

* Lower cost base and higher interest rates

* Provide banking services such as  anonymous bank accounts, higher or lower rate loans based on risk and investment opportunities that are not available from domestic banks

* Low or no taxation


However, these benefits can only be enjoyed if and only if the depositors come clean about their accounts. Though offshore banks have no legal obligation to report income to the tax authorities as they are protected by bank secrecy, this no way means that depositors can get away with the non declaration of the income or tax evasion. Following Sept 11, 2001, the US government has become very strict with respect to foreign bank accounts as a way to curb illegal money flow. The result is stricter regulations such as FBAR, FATCA and so on. Here is a look at FBAR and its requirements.


FBAR


An acronym for Report of Foreign Bank and Financial Accounts, FBAR is mandatory for any United States person having a  financial interest in or signature authority over a foreign financial account, whether a bank account, brokerage account, mutual fund or a Trust AND if the aggregate value of these accounts exceeds US$10,000 at any time during the calendar year. Any bank, securities, securities derivatives or other financial instruments accounts, any savings, demand, checking, deposit, or any other account maintained with a financial institution can be considered as a financial account. Non compliance with FBAR can result in stiff penalties such as


* For "willfully violating" the requirements to file, the penalty is up to $250,000 and/or up to 5 years in prison

* For "willfully violating" the requirements to file "as part of a pattern of any illegal activity involving more than $100,000 in a 12-month period”, up to $500,000 and/or up to 10 years in prison

* From providing false, misleading, fictitious, or fraudulent statements, fine or up to 5 years in prison and if the false information involves domestic or foreign terrorism the jail term is up to 8 years


Thus, though offshore bank accounts are beneficial to depositors, strategic tax planning for FBAR compliance is equally important to enjoy the benefits for a longer period of time.


Read More About: Entity Formation, OVDP

Reduce Risk and Eliminate Cost with Custom Computer Solutions

In today’s highly competitive business environment, enterprise need to focus on their core competencies to meet current and future business goals. Hence, having a partner that provides custom computer solution can help enterprises to streamline their organization, optimize processes and reduce risk. With their help, software application companies can easily manage the design, manufacturing, and support of their server appliances and embedded computing solutions. Their expertise in developing and supporting innovative hardware server appliance solutions for medical device applications, industrial automation applications, telecom, military appliances and aerospace systems, networking appliances, and virtual cloud appliances can help in reducing time-to- market, enhancing schedule flexibility and eliminating unnecessary cost.


With their innovative server appliance and embedded computing solutions, custom computer solution providers help companies from


* early stage companies, companies with high-mix product, large companies with new product ideas,

* software application companies who would like to deliver their software application on a server appliance,

* clients who have computer solutions embedded in their products (Industrial/Medical devices) to

* clients who would like embedded systems transition from custom circuit board design to solutions based on whitebox, brand name equipment


For instance, take the case of big data software companies who sometimes over engineer their hardware platform or appliance. An over engineered hardware platform means increased costs, poor performance, and a waste of valued time. By partnering with custom computer solution providers, big data software companies can decrease the cost of hardware while increasing performance 90% of the time, deliver high quality systems to their customers without the risk of committing to a minimum purchase order and ensure that the product is performing at a top tier level.


Here is a look at some of the advantages of partnering with a best of the breed custom computer solution provider.


* Helps to design, source, build, ship and support the client’s entire integrated server appliance.

* Consistently manufactures and subjects the client’s products to a rigorous testing and burn-in process compliant with ISO 9001:2008 standard

* Aligns processes and supplier relationships for low – medium volume manufacturing, including personalized services of a Program Manager

* Frequent consultations with customers from design to delivery through all phases of the projects including planning, deployment and post-deployment

* Builds to forecast and ships as per the client’s schedule including warehousing integrated products ready for immediate shipments

* Assures that the client’s server appliance systems remain as viable tomorrow as it is today


Thus, partnering with the right solution providers who offer custom computer systems can help enterprises to optimize performance of application software with minimal end-user support.


Read More About: unified storage solution, storage servers, data centre solutions, high performance computing cluster

Meet Business Goals with Data Center Solutions

Wikipedia defines datacenter as “a facility used to house computer systems and associated components, such as telecommunications and storage systems.” Consisting of redundant or backup power supplies, redundant data communications connections, environmental controls (e.g., air conditioning, fire suppression) and security devices, it is the data center that stores, manages and disseminates data and information. Hence, datacenters are the most important part of any enterprise.

 

Data centers are the lifeblood of any organization as it helps enterprises to run their business smoothly and efficiently and thereby ensure business continuity. Hence, data center operation and maintenance should be carried out effectively. However, enterprises bogged down by the responsibilities of running daily business operations, managing and maintaining data center operations effectively is definitely a chain around their feet. In such a scenario, enterprises must partner with experts in providing datacenter solutions to manage data centers more efficiently. Here is a look at some of the data center solutions provided by the leading solution providers.


Storage Servers


As the name implies, storage servers come with extra storage. As it is designed for a specific purpose, it comes with at least 6, 12 or 24 disks unlike regular servers which have 5 or fewer disks inside.


* Rack-optimized storage servers feature the latest multi-core high performance technology, energy-efficient architecture and are ideally suited for Virtualization, Clustering and Cloud Computing

* Configured for maximum virtualization performance


High Performance Computing Cluster


A computer cluster refers to a set of loosely connected computers that work together as a single system. Clustering is done to improve performance and availability and is much more cost effective than operating single computers of same speed and availability.


* Helps to build dynamic, integrated HPC cluster infrastructure that is easy-to-deploy and easy-to-manage

* Helps to speed access to information, reduce risk and manage growth more easily

* Provides customized pre-integrated HPC cluster solutions from HP and IBM to client’s specific requirements


Unified Storage Solution


Unified storage is defined as “A single, integrated storage infrastructure that functions as unification engines to simultaneously support Fibre Channel, IP Storage Area Networks (SAN) and Network Attached Storage (NAS) data formats.”

* Helps enterprises to store, protect, optimize, and leverage their information, from a single e-mail to production databases

* Helps to achieve instant data sharing; data protection; or implementing a heterogeneous storage environment efficiently and cost effectively

* Offers custom designed SAN, NAS, iSCSI, JBOD or DAS solutions to achieve goals


Thus, enterprises can meet current and future business goals by partnering with solutions providers who deliver innovative data center solutions.


Read More About: custom computer systems, data centre solutions