Testimonials

I was an employee of erstwhile VMware (now Broadcom) in Bengaluru, India. Broadcom announced the acquisition of VMware in May 2022 and the transaction completed in Nov 2023. The transaction was roughly split at 50-50% cash/equity. Being an employee of VMware, holding stocks of VMW (RSUs), I was entitled for any payout that happened as part of the acquisition transaction.

During the course of the months leading up to the completion of the transaction, we did not have full clarity on the payout from our stocks and its tax treatment. The FAQs mostly mentioned that we should consult our tax advisors. Most of us held onto our stocks with the hope for a good future under AVGO (Broadcom stock ticker symbol). Upon completion of the transaction, when we received our payout, we were taken aback that a substantial amount (25% of the payout) was withheld as tax by the stockbroker (ETRADE). This was not a case with a few of us - it was common across all employees. The reason being, the entire payout was (mis)characterized as dividend (subject to DTAA tax withholding), and not as sale of stock (subject to capital gains tax falling under individual purview).

Being non-US people, we had no clue as to how to go about this problem and get our money back. We initially tried reaching out to the stockbroker and our own company's stock administration teams to try and get the issue sorted out. Months dragged with no results. Eventually, we had to individually figure out this for ourselves.

Believing in the power of collective approach, a few of us formed a group and sought advice from CPA firms - we started this around Feb-Mar 2024. At first, we were in a learning mode ourselves, trying to get a high-level overview of the US tax laws and how a non-US person would go about asking for a refund from IRS. Some CPA firms proved hard to work with, were not approachable, scaring us that even email correspondences beyond the first email would be billable by the hour. In this daunting landscape, I stumbled upon Thejasvi and his firm - FIBACT - sometime in Apr 2024. Thejasvi was extremely transparent and wholly approachable right from the outset and took time and interest to listen to our predicament, study the matter with others in his firm and get back to us with a plan of action. He also advised to get help of a tax attorney to help draft us a compelling statement to support our refund claim to the IRS. Over several interactions with Thejasvi, we found ourselves at ease and managed to bring in almost 80 people under an umbrella to form a group to collectively pursue our individual IT returns claiming refund close to $900K from IRS. Thejasvi and his team also helped those of us not having an SSN (which was a large subset of the group), to procure ITIN and seamlessly handled all our paperwork meticulously. What started in Jul 2024, today, in Feb 2025, most of the group have refunds processed successfully. As with any endeavour of this scale, it was not without some hiccups. But the team handled all issues in a professional and timely manner, not giving much scope of any ill-feelings for anyone in our group.

Looking back the episode over last one year, we, as employees, went through a tumultuous time in figuring this out - several groups were formed, and different tax firms were pursued. We, as a group, are very happy with the way this entire matter was handled. I would highly recommend FIBACT and Thejasvi to anyone looking for help in the matters of tax compliance in US and India as well.

~Staff Engineer
VMWare

FIBACT has been engaged by our firm to provide outsourced tax compliance services. They have been continually delivering high quality products and require minimum guidance. We are happy to be working with experienced, knowledgeable, and ethical professional who are really devoted to job they are doing

~Owner
CPA Firm, NY

We at International Management Solutions (IMS) had the pleasure of partnering with FIBACT for outsourcing federal and state corporate tax returns, and the experience has exceeded our expectations. The FIBACT team demonstrated professionalism, responsiveness, and attention to detail. Their proactive approach and commitment to delivering high-quality work have made a significant impact in streamlining our processes. What truly sets FIBACT apart is their flexibility and dedication to meeting our needs – going so far as to hire additional staff to specifically support our corporate tax requirements. This was particularly impressive given FIBACT’s background as a provider primarily focused on funds and partnership-oriented tax support.

The team at FIBACT proved to be quick learners, seamlessly adapting to the complexities of new work while delivering consistent, reliable results. Their friendly demeanour and collaborative spirit make them an invaluable extension of our team. We highly recommend FIBACT to any organization seeking efficient and dependable tax outsourcing support. It has been a pleasure working with them, and we look forward to strengthening this partnership in the years ahead.

~Director, International Management Solutions Inc
London & Chicago

On recommendation of our Chartered Accountant in Bengaluru, India, we shifted from Grant Thornton to FIBACT. I am happy with the professional and timely work done by Thejas and his team. FIBACT has been advising me and filing the US tax returns for my family for the last five years.

~Director
Infomart India Private Ltd., Bengaluru

We are pleased with your tax services for our company. The process has been very smooth, and we appreciate the personal attention, knowledge, advice and willingness to go out of the way to help us. Your help in getting excellent tax professionals and services outside the US is highly recommendable. Your services have allowed us to focus on our business and have smooth tax transactions. I would highly recommend your services to anyone looking for a knowledgeable and friendly professional tax services

~CEO
Bluerose Technologies LLC, Florida

I was a returning NRI with a significantly complex US tax situation. Thejas and his team not only helped me file my US taxes correctly and in good time but also the brilliant approach that was carefully suggested based on their rich experience was crucial to give me the large refund that was not straightforward to formulate in my complex situation. Thejas patiently listened to all my considerations and gave practical advice backed by official guidelines. In contrast I had engaged a couple of other CPAs who were so-called experts in NRI taxation, but the experience was bitterly disappointing. Not only did they delay my return by 8+ months but their understanding, experience and approach were flawed and shallow in embarrassingly many dimensions. Highly recommend Thejas and his team

~Senior Software Engineer
Google, Hyderabad

Thejas is very knowledgeable in US tax laws and helped me a great deal as a nonresident overseas filer. He helped identify my tax liability from overseas investments and worked with the IRS to favorably resolve late filing issues. I highly recommend FIBACT for US tax consultancy and look forward to the continued support to keep me compliant in the future

~Program Manager
NVIDIA, Texas

FIBACT made our tax filing process seamless and stress-free after we moved to India. We were overwhelmed by the complexity of handling RSUs in both the US and India, as well as various financial instruments across the two countries. Thejasvi's team at FIBACT was proactive, thorough, and extremely helpful in consolidating everything for us. They handled our US, FBAR and Indian taxes with ease, providing clarity and confidence throughout the process. If you're an expat or have cross-border financial concerns, rest assured FIBACT is the best.

~Sr. Planning Manager
Weave Communication India Pvt Ltd., Bengaluru