Bank Accounts

News & Analysis as of

Taxpayer Advocate Recommends Ways for IRS to Simplify Foreign Asset Reporting

The National Taxpayer Advocate made three specific recommendations to the IRS to try to simplify the process for reporting foreign assets. For several years the National Taxpayer Advocate has complained that the disclosure...more

DOJ Announces Major Policy Change on Use of Asset Forfeiture for Structuring Offenses

We previously reported that the Internal Revenue Service had been criticized for its controversial, yet legal, practice of seizing bank accounts when the account holder is suspected of engaging in “structuring.” ...more

Who will get Your Assets – The Hazards of Beneficiary Designations

Most people assume that their Wills will control where their assets go after they die. Increasingly, however, beneficiary designations are controlling how assets are distributed, and sometimes with unexpected results. ...more

IRS Will Adopt “Common Sense” Approach To Structured Activity In Bank Accounts

Why it matters - In response to recent criticism, the Commissioner of the Internal Revenue Service (IRS) John A. Koskinen announced that the agency will adopt a “common sense” approach in how it handles funds that have...more

Courts Address the Level of Security Banks Must Provide to Business Accounts

Big or small, all bank accounts are susceptible to hijacking and fraudulent wire transfers. Banks ordinarily bear the risk of loss for unauthorized wire transfers. Two independent frameworks exist to govern these transfers:...more

Wills, Trusts and Estates Newsletter - December 2014

In This Issue: - Managing Your Online Presence after Death - Estate Planning Questions: Naming a Beneficiary to your Accounts - Looking for a New Acronym? Try QLAC - Excerpt from Estate Planning...more

Estate Planning Questions: Naming a Beneficiary to your Accounts

Why not just add a child or loved one to your accounts? We often see instances where an elderly parent has added the name of a child or other loved one to their bank accounts, CDs or brokerage accounts. Normally the...more

Garnishment in Florida: Serving Writs of Garnishment on Third Party Bank Accounts

In a previous article, we provided an overview of the basic procedures judgment creditors must follow when serving writs of garnishment on banks and the obligations of financial institutions that are served with writs. We...more

Judgment Debtor in Garnishment Action Has No Vested Right to Compel Strict Compliance With Service of Process Requirements on...

Garnishments are one of the most effective tools at a creditor’s disposal for collection purposes. The rules and requirements for initiating a garnishment action are laid out in Chapter 77, Florida Statutes. Garnishment...more

FinCEN Issues Statement Encouraging Banks to Evaluate Money Services Businesses on a Case-by-Case Basis

On November 10, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Statement addressing bank “de-risking,” often described as the practice of closing accounts or refusing to open accounts for particular types...more

FinCEN Releases Statement Encouraging Banks to Offer Services to Money Service Businesses (MSBs)

In what may be good news for emerging virtual currency companies and emerging payments companies, the Financial Crimes Enforcement Network (“FinCEN”) released a public statement yesterday regarding the willingness of banks to...more

Who Do You Trust?— New Ruling Highlights the Need for Care in Deciding How to Open Your Joint Bank Account

Florida law recognizes, and most banks offer, multiple forms of account designation to meet the desires and needs of individual customers. Keep in mind, however, that the standard demand deposit account agreement (whether...more

IRS and DOJ Crack Down on Cash Reporting Violations

Federal law requires that anyone engaged in a trade or business who receives more than $10,000 in U.S. currency is required to file a Form 8300 (available here) with the Internal Revenue Service. Failure to do so can subject...more

How Much Cash Can I Have and File for Bankruptcy in Arizona?

When you file for bankruptcy in Arizona you are only allowed to have a limited amount of cash on hand on the day that your bankruptcy case is filed. Before I go any further it is important to understand that the laws I am...more

File bankruptcy having a joint bank account with my mother?

What happens to that joint bank account with your elder relative if you have to file bankruptcy? Let's take a look....more

Hacking Coverage Dispute Under Professional Liability Policy Gets the Go-Ahead from Federal Court

On October 6, 2014, a federal court denied a professional liability insurer’s motion to dismiss a coverage dispute over a $3.5 million payment the policyholder-bank made when a bank customer’s account was targeted by a...more

New York State to Allow Financial Institutions to Offer Savings Promotion Giveaways

Governor Cuomo has signed legislation allowing banks and credit unions in New York to offer savings promotion giveaways whereby depositors can be eligible to win prizes based on deposits made into a qualifying savings...more

European Regulation On The Freezing Of Bank Accounts

A new regulation establishing a European Account Preservation Order (EAPO) came into force on 17 July 2014 and will be applied by participating Member State courts from 18 January 2017. This instrument represents a new (and...more

California Federal Court Holds Bank Responsible For Funds Subject To IRS Levy On Customer’s Account

On August 15, the U.S. District Court for the Central District of California held that a bank responded too slowly to a government levy on a customer’s account and was therefore responsible for funds subsequently removed by...more

New York AG Obtains Agreement From Bank To Alter Customer Account Screening

On June 16, New York Attorney General (AG) Eric Schneiderman announced that a national bank agreed to adopt new policies governing its use of a credit bureau that screens individuals seeking to open checking or savings...more

Latest Cyprus decrees relaxing restrictive measures in banking

The Republic of Cyprus issued new decrees on 2 June 2014 which provide further relaxation of restrictive measures, including abolishing restrictions on the opening of new bank accounts. ...more

Overview of the Six Most Important Changes to the Russian Pledge Rules

1. Concept of a security trustee (security manager). Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security...more

Court Rules U.S. Banks Must Disclose Nonresident Bank Account Information

As a result of a court decision last week, issued by the District Court in the District of Columbia U.S banks will be required to report interest earned on accounts held be non-resident aliens if the interest earned is $10.00...more

Crackdown on US Tax Evaders With Secret Offshore Accounts Leads to International Banking Reforms

Miriam Fisher, global Co-chair of the firm's Tax Controversy Practice, focuses her practice on federal tax controversy and litigation, including complex civil and criminal tax matters. Fisher spoke at the November 6, 2013...more

Be Aware of the Dangers of Joint Accounts

Many people believe that joint accounts are a good way to avoid probate and transfer money to loved ones. But while joint accounts can be useful in certain circumstances, they can have dire consequences if not used properly....more

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