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New reporting requirements apply to FBAR filings due June 30, 2009

USA - June 16 2009 The deadline to file FormTD F 90-22.1, the Report of Foreign Bank and Financial Accounts (the “FBAR Form”), with the U.S.Treasury Department with respect to foreign bank, securities or other financial accounts held during the 2008 calendar year is June 30, 2009.

Connie M. Friesen

IRS grants extension for FBAR filings

USA - June 25 2009 The IRS has announced that it will permit taxpayers who meet certain requirements to file Form TD F 90-22.

Connie M. Friesen

IRS releases audit guidelines on equity swaps

USA - February 10 2010 On January 14, 2010, the IRS released an industry directive alerting its field offices that non-U.S. persons may be using abusive total return swaps to avoid U.S. withholding tax on dividends.

Bridget R. O’Neill, John T. Schaff, Paul R. Wysocki

FinCEN issues final rule amending FBAR regulations

USA - March 4 2011 On February 24, 2011, the Financial Crimes Enforcement Network ("FinCEN") published a final rule (the "Final Rule") amending the reporting requirements for the Report of Foreign Bank and Financial Accounts ("FBAR").

Connie M. Friesen

IRS grants extension for certain FBAR filings

USA - August 11 2009 The IRS has extended the deadline until June 30, 2010 for U.S. persons to file Form TD F 90-22.1, the Report of Foreign Bank and Financial Accounts (the “FBAR”), to report (i) signature authority over (but no financial interest in) foreign financial accounts and (ii) financial interests in, or signature authority over, foreign commingled funds during 2008 and earlier calendar years.

Connie M. Friesen