Monday, July 29, 2013

FBARs Must Be Filed Electronically

The Treasury Department will no longer accept FBARs in paper form.  Beginning August 1, 2013, all FBARs must be filed electronically.  U.S. persons with a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 during any year are required to file a an FBAR – “Report of Foreign Bank and Financial Account” on Form TD F 90-22.1 -- by June 30 of the following year.  FBARs must now be filed online through the BSA E-Filing System of the Financial Crimes Enforcement Network (“FinCEN”).  Noncompliance may result in civil penalties.  


Monday, July 22, 2013

Amendments to Immigration Reform Bill to Prevent “Taxpatriation”

Certain members of Congress are upset that more than 670 people expatriated from the United States in the first quarter of 2013, the largest quarterly number since the IRS started publishing the names of expatriates in 1998. While the press has actively reported on the immigration reform bill before Congress (the “Immigration Bill”), little notice has been taken of the two significant amendments proposed by Senators Reed (D-RI), Schumer (D-NY), and Casey (D-PA) on June 12, 2013,1 which would “punish” both past and future expatriates. While the Immigration Bill passed the Senate on June 27, 2013, without the two expatriation amendments, it is impossible to predict when and where these amendments may reappear.