News & Analysis as of September 21, 2024

FinCEN › International Tax Issues

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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 -

Are you Thinking of Moving to Another Country - A Few Things to Consider

Allen Barron, Inc. on 5/31/2024

Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to...more

US Expatriate Tax Planning - Part 1 - A Podcast with Janathan Allen

Allen Barron, Inc. on 4/29/2024

In the US Expatriate Tax Planning podcast, Janathan Allen discusses important tax issues from the perspective of a US Expatriate. One of the first and most important thing to know for any US taxpayer is the United States...more

Part 2 – International Tax Primer for US Taxpayers and Expatriates

Allen Barron, Inc. on 8/28/2023

We continue with Part 2 – International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form 8938, the Statement of Specified...more

An International Tax Primer for US Taxpayers and Expatriates – Part 1 of 2

Allen Barron, Inc. on 8/24/2023

Welcome to part 1 of our Allen Barron International Tax Primer for US Taxpayers and Expatriates. The United States is one of the few countries in the world that taxes its citizens on their worldwide income. US taxpayers are...more

FinCEN Releases Guidance Materials on the Beneficial Ownership Information for CTA Reporting

Bilzin Sumberg on 4/4/2023

On March 24, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial...more

IRS Issues FBAR Reference Guide

Freeman Law on 4/11/2022

The IRS and FBARs - On March 30, 2022, the IRS issued Publication 5569, Report of Foreign Bank & Financial Accounts (FBAR) Reference Guide. The 12-page publication provides helpful information to both taxpayers and tax...more

A Summary of the IRS’ Streamlined Filing Compliance Procedures

Freeman Law on 8/5/2021

The IRS’ streamlined filing procedures were first offered by the IRS on September 1, 2012. Since that time, the IRS has made several revisions. A current summary of the IRS’ Streamlined Filing Compliance Procedures is...more

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

Freeman Law on 7/26/2021

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

Crypto Asset Regulation: Is the US or UK Keeping Up Best With This Emerging Market?

Proskauer - The Capital Commitment on 1/8/2021

One driver for the first widely adopted cryptocurrency Bitcoin was to create a store of value that existed outside of government control. It is therefore no surprise that attempts to regulate the rapidly developing crypto...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

Death Doesn’t Stop the IRS—Failure to File FBARs

Freeman Law on 12/17/2020

Benjamin Franklin once famously wrote in a 1789 letter, “In this world nothing can be said to be certain, except death and taxes.” Many recognize the truth in Mr. Franklin’s statement. Some may also believe that certain death...more

Weekly IRS Roundup February 17 – 21, 2020

McDermott Will & Emery on 2/25/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 17 – 21, 2020. February 18, 2020: The IRS issued a revenue ruling providing various...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

Blockchain Week in Review - June 2019 #2

Perkins Coie on 6/19/2019

U.S. Developments - Regulatory Developments - SEC Chair’s Recent Comments on Digital Assets - Securities and Exchange Commission (“SEC”) Chairman Jay Clayton touched on digital asset issues during two recent...more

Treasury’s FinCEN Proposes Rules Forcing U.S. Financial Institutions to Collect Data for FATCA Reciprocity

BakerHostetler on 8/1/2014

On July 30, 2014, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) proposed rules requiring U.S. financial institutions to collect “Customer Due Diligence” information, including identifying the true...more

2013 Foreign Financial Account Reporting Requirements

Akerman LLP on 6/3/2014

U.S. citizens or residents who owned, directly or indirectly through an entity, beneficially, or who had power of attorney/signature authority over one or more foreign financial accounts with an aggregate value exceeding...more

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FinCEN › International Tax Issues

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