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 ...

The Foreign Account Tax Compliance Act is fundamental as it affects how you report your finances, especially as an expat abroad. FATCA is why you may need to file a Report of Foreign Bank and ...

The Report of Foreign Bank and Financial Account, or FBAR, is an annual informational tax report that must be filed by certain U.S. individuals and legal entities to report their foreign bank accounts ...

As reported in our prior client alerts, the Report of Foreign Bank and Financial Accounts, Form TD-F 90-22.1 (“FBAR”) must be filed by a U.S. person that holds a financial interest in, or signature or ...

The maximum civil penalty for non-willful failure to comply with FBAR reporting requirements is $10,000. 1 However, additional penalties may apply for willful violations. Penalties for a willful ...

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The United States Department of Treasury is again sharpening its sword upon crypto. In January 2021, the Department of Treasury’s Financial Crimes Enforcement Network issued Notice 2020-2. The Notice ...

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up for any (or all) of our 25+ Newsletters. Some states have laws and ethical rules regarding solicitation and ...