Client Reminder Regarding FBARs (FinCEN Form 114, formerly TD F 90-22.1)

All United States persons, including citizens, green card holders, and individuals considered US residents based on the duration of their stay in the United States, are required to annually report their ownership of, and signature authority over, foreign bank accounts. The form for such reporting is commonly referred to as the FBAR (FinCEN Form 114,…

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Russian Sanctions

In the face of a growing list of sanctioned Russian individuals and companies and the possibility of more following Ukraine’s May 25 elections, there are several steps your company might take to help guard against heavy fines from unintended infringements. 1. Prepare for new sanctions: EO 13661 names financial services, energy, metals/mining, engineering, and defense…

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Swiss Banks Agree to Turn Over Bank Account Information

The U.S. Department of Justice has announced a program pursuant to which Swiss banks can turn over detailed information about their U.S. account holders in return for agreements that the banks will not be criminally prosecuted by U.S. tax authorities. Under the program, banks must disclose their cross-border activities and disclose accounts in which U.S.…

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