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In Re: Grand Jury Subpoena, 5th Cir., No. 11-20750 (09212012)

Proskauer Rose LLP
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USA
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November 15 2012

The Fifth Circuit Court of Appeals reversed the district court's denial of the government's motion to compel production of foreign bank account records required to be kept under Treasury Department regulations by the target of a grand jury investigation (the "witness"

FBAR reports due June 29

Proskauer Rose LLP
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USA
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June 27 2012

A Report of Foreign Bank and Financial Accounts, Form TD-F 90-22.1 (“FBAR”), must be filed by June 29, 2012 by any U.S. person that held a financial interest in, or signature or other authority over, a foreign financial account for calendar year 2011, if the aggregate value of all the U.S. person’s foreign financial accounts exceeded $10,000 at any time during the year

Wealth management update

Proskauer Rose LLP
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USA
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June 1 2012

The June 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.2

Hirchert Family Trust v. Johnee Ann Alle Hirchert (District Court of Appeal of Florida, Fifth District, June 17, 2011)

Proskauer Rose LLP
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USA
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September 14 2011

The District Court of Appeal of Florida upheld an exception to the Florida homestead exemption in a case where a trusteedeceased husband of the defendant breached his fiduciary duty as trustee in California, and the defendant later used the proceeds resulting from this breach to purchase real property in Florida

Delayed FBAR filing for signatory authority

Proskauer Rose LLP
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USA
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June 16 2011

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 other authority over, a foreign financial account if the aggregate value of all such U.S. person’s foreign financial accounts exceeds $10,000 at any time during the year

Final rules onFBAR filing requirements

Proskauer Rose LLP
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USA
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April 20 2011

The Financial Crimes Enforcement Network (FinCEN) issued final regulations regarding Form TD F 90-22

FinCEN issues final rules on FBAR

Proskauer Rose LLP
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USA
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March 14 2011

On February 24, 2011, the Financial Crimes Enforcement Network ("FinCEN") issued final rules (the "Final Rules") that amend the Bank Secrecy Act implementing regulations regarding the Report of Foreign Bank and Financial Accounts, Form TD-F 90-22

IRS issues preliminary guidance on the application of the Foreign Account Tax Compliance Act

Proskauer Rose LLP
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USA
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September 24 2010

On August 27, 2010, the Internal Revenue Service (the IRS) issued Notice 2010-60 (the "Notice") establishing the framework for forthcoming regulatory guidance implementing the withholding and reporting provisions of the Foreign Account Tax Compliance Act ("FATCA"

Some pension plans must file FBARs by June 30, 2010

Proskauer Rose LLP
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USA
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June 9 2010

The deadline for filing the Report of Foreign Bank and Financial Accounts, Form TDF 90-22

IRS announces notice and proposed regulations regarding Form TD F 90.22-1 Report of Foreign Bank and Financial Accounts (the FBAR) Notice 201023;

Proskauer Rose LLP
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USA
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April 16 2010

The IRS has recently announced further guidance in the area of reporting non-U.S. bank and financial accounts

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