Half a Million U.S. Tax Returns to be prepared in India!

[spooked]

Your financial secrets are headed overseas
http://moneycentral.msn.com/content/Banking/FinancialPrivacy/P90682.asp

As many as 500,000 U.S. tax returns could be prepared in India next year, says tax outsourcing expert Gary Boomer of Boomer Consulting in Manhattan, Kan. That’s up from about 25,000 in the 2002 tax year and 100,000 for 2003. The individual and business returns come from a wide range of U.S. sources, from single-CPA offices to Big Four accounting firms, including Ernst & Young and Deloitte.

An accounting graduate who would earn $3,750 a month working for a Big Four firm in the United States earns about $300 a month in India. That allows Indian companies to charge U.S. accountants $75 to $150 per return, Boomer said. The U.S. preparer can turn around and bill the client for two to five times that amount.

And there’s no law that requires the U.S. accountant or firm to tell you that your return was prepared by someone else, let alone someone overseas. Likewise, most of the other business processing that’s handled abroad is done without the consumer’s knowledge or consent.

*******

Better tell college students that Accounting won't be such a hot field to go into (unless you live in India, that is!)

[Endangered Specie]

1. Maybe they'll send the IRS there next.

[NuttyFluffers]

2. well thank god!

when i think of all the important sensitive data, like social security, assets, income, name, signature, etc. i'm just so glad i could put it in the hands i can trust - a basket case of a democracy ladened with far more corruption, crime, and desperation than america and filled with 1 billion people, so it's easy to locate,capture, and prosecute offenders.

it is the only logical way to process such sensitive information. infact i cannot wait for us to outsource our pentagon to saudi arabians... oh wait, too late.