Financial Crimes Enforcement Network (FINCEN) Issue Final Rules

- By : P. Patel

The Bank Secrecy Act (“BSA”) was originally enacted in 1970 to help detect and prevent money laundering. The BSA requires reporting for a calendar year called a “Report of Foreign Bank and Financial Accounts” (Form TD F 90-22.1 (the “FBAR”)), which must be filed by June 30th of the subsequent year. Records related to such

2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers

- By : P. Patel

We have reviewed the new 2011 OVDI FAQs and noticed that the Service has refined and streamlined the voluntary disclosure process. Our firm prepared dozens of voluntary disclosure applications in 2009 and the new 2011 FAQs seem to resolve some of the issues that arose during the 2009 voluntary disclosure process. For instance, the PFIC

2011 Offshore Voluntary Disclosure Initiative (OVDI)

- By : P. Patel

On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The OVDI covers calendar years 2003 to 2010, and is available through August 31, 2011