NRI seminars at NATA convention a grand success

NRI Committee conducted seminars at the Inaugural North American Telugu Association (NATA) 2012 Convention on June 30, 2012 at George R. Brown Convention Center.

The NATA, 2012 Convention NRI Committee, Raghavender Rao Nednur (Chair), Vikram Reddy Jangam (Board Representative), Madhupal Reddy Pailla (Co-Chair), Venugopala R. Udumula (Co-Chair), Soma Sekhar Ambadapudi (Member) welcomed all the attendees.

The presentations provided information on US Federal income taxes, life insurance & retirement planning, South India real estate investments, burglaries safety and Indian Consular services.

These topics of importance to Non-Resident Indians and Indian-Americans were well received by the attendees. The NRI Committee appreciates the presenters for the knowledge provided to attendees in improving their lives.

Naresh Setlur, a well-known Houston CPA, presented on 'U.S. Federal Income Taxes ' FBAR, Foreign Asset Reporting‟. Some of the important details provided are: FBAR requirements are based on Bank Secrecy Act enacted in 1970, codified in Title 31 of US Code and require reporting of foreign financial accounts.

Non compliance can carry civil and criminal penalties.
The deadline for the receipt of FBAR forms is June 30 after the Calendar Year with no extension.
Everyone is encouraged to utilize the Voluntary Disclosure Program to revise 8 years tax returns.
Foreign real estate has to be reported with the tax returns ' Applicable forms have to be filled for rental in foreign partnership; rental property or personal property in foreign trust; and/or foreign real estate in a foreign corporation. Depending on individual situation, expert help from a CPA would be needed to comply with the tax laws.

Mahesh Desai, CPA, CFP, CFA, MetLife, Senior Financial Services Executive, presented 'Life Insurance & Retirement Planning'. Mahesh reminded that most important asset in your life is you.

Studies have shown that 40% of the adults do not have life insurance and 50% do not have adequate life insurance. Having $100,000 to $200,000 is not adequate.

Everyone needs to evaluate regularly, every five (5) years, if their loved ones can be taken care of financially when they are no more.

The insurance amount requirement should be based on loss of income for the remainder of life. Wealthy, high net-worth individuals can utilize life insurance as a tax free inheritance for the dependent of insured.

Samir Mehta, RK Constro Projects Pvt. Ltd., CEO, presented on 'South India Real Estate Trends & Investment Opportunities'.

South India is on the path of overall development with various projects improving airports, roads, metro rail, other infrastructure and etc.; and has seen increasing job opportunities to make living comfortable.

Quality residential real estate in South India is a good investment because there are best buys available now. Real estate investors should not wait to buy but they should buy and wait, to capitalize on the best deals. In general, there is five (5) years lag between maximizing profits on investment and heavy demand.

Officer Dennis Domagas, with 19 years of wide police experience including response to burglaries, from Houston Police Department presented on 'Safety Precautions &Tips ' Burglaries'.

He has been working for the last five years in the Hillcroft-Harwin area of Houston, which has a high concentration of Indian Americans.

Based on interviewing various burglars Houston Police Department has found out that the potential of house break in increases with the perceived ease and availability of cash & jewelry at the home.

Various recommended measures include ' depositing money in the bank; storing jewelry in bank locker; removing any shrubs near doors and windows which could be hiding places; if you can afford utilize a security company including online viewing of cameras; having motion sensor lights; timed turning on and turning off lights; being part of Houston‟s Operation ID and putting a sign on windows; and etc. Always look through the peep hole, answer the door and ensure safety before opening the door.

Officer Dennis informed that Houston Police Department can make a presentation to your community in Houston about safety. Please visit www.houstonpolice.org to find out safety tips, news releases of crime prevention/statistics, towed cars information, criminal activity and etc. in the City of Houston area.

Criminal activity older than 30 days is listed in spreadsheet form. You can report anonymously any suspicious activity and all the criminal activity information is reported in the 100 block of the address.

Vice Consul, Honorable Mr. Surendra Nath Sharma, from Consulate General of India, Houston, informed about the Consular services. It is always important to keep documents in order to apply for passport renewal, visas and OCI or PIO cards.

He appreciated the fact that, in general, Telugus have the documents in order and available with them. The Consulate has a 24 hours/7 days a week emergency help line to respond to emergency consular services.

He remembered a time in the past during Christmas when a Telugu student had died where they had to contact the local Police Station forensic lab and with help of Telugu community, the Consulate was able to send the mortal remains.

They with the help of the Government of Andhra Pradesh had contacted parents of the deceased.