Specified foreign financial assets: new form must be filed with US tax return *

USA - January 10 2012
The US Department of the Treasury (the "IRS") recently released temporary and proposed regulations (the "Temporary Regulations"), effective December 19, 2011, to implement the provisions of the Hiring Incentives to Restore Employment (HIRE) Act that require individuals to report specified foreign financial assets ("SFFAs") to the IRS.

Co-authors: John L. Harrington, Marc Teitelbaum, Andrea Sharetta.

Treasury issues final regulations clarifying FBAR reporting requirements *

USA - April 18 2011
On February 24, 2011, the Department of Treasury Financial Crimes Enforcement Network (FinCEN) issued a final rule that amends the regulations (the "Final Regulations") under the Bank Secrecy Act (BSA) regarding the Report of Foreign Bank and Financial Accounts.