On September 30, 2013, FinCEN posted, on their internet site, a notice announcing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the current FBAR form). FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior years) and is only available online through the BSA E-Filing System website.On July…Read more
Report to Congress: Credit Suisse Help US Taxpayers Hide Billions in Offshore Accounts!
Permanent Subcommittee on Investigations (PSI) of the United States Senate will hold a hearing, “Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts,” on Wednesday, February 26, 2014, beginning at 9:30 a.m., in Room G-50 of the Dirksen Senate Office Building. The PSI hearing on February 26 is for…Read more
IRS Criminal Investigation Issues Annual Report
The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) Annual Report for fiscal year 2013, reflecting significant increases in enforcement actions against tax criminals and a robust rise in convictions, including identity theft. CI investigates potential criminal violations of the Internal Revenue Code and related financial crimes in a…Read more
Additional FATCA Guidance Submitted for Publication.
Regulations revising and further clarifying the final FATCA regulations under chapter 4 have been submitted to the Office of the Federal Register for publication. Regulations to coordinate the FATCA regulations under chapter 4 with the withholding and information reporting rules under chapters 3 and 61, and section 3406 have also been submitted to the Office…Read more