Offshore Asset Reporting: Rules, Enforcement, and Options for Compliance

more+
less-

In this presentation:

-Overview: Reporting Regimes for Offshore Assets

-Department of the Treasury: Report of Foreign Bank and Financial Accounts (FBAR)

-Form 8938, Statement of Specified Foreign Financial Assets

-Enforcement Efforts

-Compliance Alternatives

- An excerpt from Department of the Treasury: Report of Foreign Bank and Financial Accounts (FBAR):

Overview: A United States person must file an FBAR if that person has a financial interest in or signature authority over any financial account(s) outside of the United States and the aggregate maximum value of the account(s) exceeds $10,000 at any time during the calendar year.

-Three Requirements:

-Person is a United States Person

-Asset is a “financial account”

-Person has a financial interest or signature authority in a financial account outside the U.S.

Please see full presentation below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  Banking Sector, Compliance, Enforcement, FATCA, FATCA Timeline, FBAR, IRS, Non-Prosecution Agreements, Offshore Funds, OVDP, Reporting Requirements, SCDP, U.S. Treasury

Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Thompson & Knight LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »