News & Analysis as of September 21, 2024

FinCEN › Foreign Financial Accounts

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The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury charged with detecting and combatting illegal activity within the financial system. FinCEN detects evidence of money laundering, terrorist financing and other financial crimes by collecting, monitoring, and analyzing financial transaction data. Such data is disseminated to both domestic and international law enforcement agencies. less -

IRS Updated Streamlined Filing Compliance Procedures

Allen Barron, Inc. on 5/22/2024

What do you need to know about the IRS updated Streamlined Filing Compliance Procedures or "Streamlined Procedures?" Are you concerned about unreported or under-reported offshore income or assets? Are there accounts you...more

Estate and Tax Planning for US Expatriates

Allen Barron, Inc. on 11/16/2023

What are the most important elements of estate and tax planning for US expatriates? Are you planning to move out of the United States? Are you a US taxpayer who lives and works outside of the country? What are some of the...more

Supreme Court Rules Non-Willful FBAR Penalties are Calculated on a Per Report Basis

Cole Schotz on 3/8/2023

On February 28, 2023, in a significant tax case, Bittner v. US, the U.S. Supreme Court held that a U.S. person who fails to file his or her FBAR on a non-willful basis only is subject to a single penalty on the failure to...more

FinCEN issues final rule replacing obsolete BSA civil penalty regulations

Orrick, Herrington & Sutcliffe LLP on 1/5/2023

On December 23, the Financial Crimes Enforcement Network (FinCEN) published a final rule amending the Bank Secrecy Act civil penalty regulations concerning requirements for reporting foreign financial accounts and...more

You Say Prĭvacy and I Say Prīvacy: Tips to Take Away

Levenfeld Pearlstein, LLC on 11/10/2022

Increasing demand for transparency and tax rules focused on the ownership of foreign financial accounts and interests in foreign trusts and entities affect private wealth planning. There are steps you can take to comply with...more

What Should I Do if I Missed the FBAR Filing Deadline?

Freeman Law on 9/27/2022

Missing any deadline is stressful. But missing a tax deadline is more so. Per the Bank Secrecy Act (Title 31 of the U.S. Code), certain taxpayers must file so-called FBARs (currently FinCEN Form 114) with the government...more

Flint Demonstrates the Risks in Trying to Make a Willful IRS Streamlined Filing Non-Willful

Freeman Law on 9/20/2022

Federal case and after federal case continues to come out providing real-life examples of the pitfalls of filing a Streamlined Filing Compliance Procedure (“SFCP”) with the IRS when the facts suggest willfulness rather than...more

FBAR Filing Deadline Extended for Certain Individuals

Morgan Lewis on 1/11/2022

Certain individuals who have only signature authority over non-US financial accounts now have until April 15, 2023 to file the Report of Foreign Bank and Financial Accounts....more

FinCEN Announces Intention to Require FBAR Reporting of Crypto Currency

Sheppard Mullin Richter & Hampton LLP on 1/28/2021

FinCEN has issued a notice that it intends to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a type of reportable account...more

FBAR Filing Deadline Again Extended for Certain Individuals

Morgan Lewis on 1/13/2021

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2022 to file the Report of Foreign Bank and Financial Accounts. On December 9, 2020, the US Department of the...more

FinCEN Announces Plan to Require U.S. Persons to Report Foreign-Held Virtual Currency on Foreign Bank Account Reporting Forms

Blank Rome LLP on 1/10/2021

Individuals who own virtual currency should consult with a tax professional to determine if their virtual currency is subject to a reporting requirement. On December 31, 2020, the Financial Crimes Enforcement Network...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 12/28/2020

On December 9, 2020, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2020-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain...more

The FBAR (Report of Foreign Bank and Financial Accounts): Everything You Need to Know

Freeman Law on 10/21/2020

What is the Report of Foreign Bank and Financial Accounts (FBAR)? Congress enacted the statutory basis for the requirement to report foreign bank and financial accounts in 1970 as part of the “Currency and Foreign...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 12/27/2019

On December 20, 2019, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice 2019-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain...more

Extension of FBAR Filing Deadline for Certain Filers

Proskauer - Tax Talks on 2/13/2019

On December 4, 2018, FinCEN issued Notice 2018-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain individuals with signature or other authority over...more

FBAR Filing Deadline Deferred for Certain Individuals

Morgan Lewis on 2/1/2019

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2020, to file the Report of Foreign Bank and Financial Accounts....more

IRS Outlines New Process for Voluntary Disclosures

Orrick, Herrington & Sutcliffe LLP on 12/21/2018

On November 29, 2018, the Internal Revenue Service (the "IRS") published a memorandum (the "Memorandum") dated November 20, 2018, outlining the new process for all voluntary disclosures, both domestic and offshore (the "New...more

FinCEN Grants Further Extension Of FBAR Deadline For Certain Financial Professionals

Fox Rothschild LLP on 12/13/2018

On December 4, 2018, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for Report of Foreign Bank and Financial Accounts (FBAR) filings for certain individuals with...more

The Perils Facing a U.S. Person Having an Undeclared Offshore Financial Account

Baker Donelson on 8/10/2018

There are legal and financial consequences to any U.S. person who underreports their income. Moreover, similar consequences may exist even in a situation in which all income is reported, yet certain information returns are...more

IRS To Terminate The Offshore Voluntary Disclosure Program

Orrick, Herrington & Sutcliffe LLP on 3/23/2018

On March 13th, the Internal Revenue Service ("IRS") announced that the offshore voluntary disclosure program ("OVDP"), which was first launched in 2009 and modified several times, will close to new taxpayers after September...more

Annual Compliance Obligation Reminders

Vedder Price on 2/16/2018

Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the...more

FBAR Filing Deadline Further Extended

Morgan Lewis on 1/11/2018

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2019 to file the Report of Foreign Bank and Financial Accounts....more

FinCEN Announces Yet Another FBAR Filing Extension For Certain Financial Professionals

Fox Rothschild LLP on 12/27/2017

Last week the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) again extended the deadline for certain financial professionals to file foreign bank accounting reporting forms known as FBARs. In FinCEN...more

FBAR Filing Deadline Extended for Certain Filers

Proskauer Rose LLP on 1/5/2017

On December 16, 2016, FinCEN issued Notice 2016-1, extending the filing deadline for the Report of Foreign Bank and Financial Accounts, FinCEN Form 114 (FBAR), for certain individuals with signature or other authority over...more

Filing Deadline Extended for Certain FBAR Filers

Morgan Lewis on 12/21/2016

Certain individuals who have only signature authority over foreign financial accounts now have until April 15, 2018 to file the Report of Foreign Bank and Financial Accounts....more

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FinCEN › Foreign Financial Accounts

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