Long Awaited Guidance Concerning Foreign Bank Account ( FBAR ) Filing Requirements Released

Size: px
Start display at page:

Download "Long Awaited Guidance Concerning Foreign Bank Account ( FBAR ) Filing Requirements Released"

Transcription

1 Long Awaited Guidance Concerning Foreign Bank Account ( FBAR ) Filing Requirements Released This past week, the Treasury Department s Financial Crimes Enforcement Network (FinCEN) released proposed changes to the regulations implementing the Bank Secrecy Act pertaining to the reporting of foreign financial accounts (i.e., the Form TD F , a/k/a the FBAR ). In addition, the Internal Revenue Service issued two notices giving administrative relief with respect to certain aspects of the FBAR filing requirements. These developments: -Clarify the persons required to file an FBAR, and which accounts are reportable; -Exempt certain persons with signature or other authority over foreign financial accounts from filing the FBARs; -Include anti-abuse measures intended to prevent avoiding the FBAR reporting requirement; -Address pre-2010 filing requirements for those having an interest in a private equity, hedge, or other commingled fund; and -Change the filing deadline for those who have not previously disclosed accounts for which they hold signature authority. Eisner Observation: The FBAR must actually be received by Treasury by June 30, 2010 no timely mailing rules or extensions of time to file are available. Definitions Treasury s proposed rulemaking contains clarifications of the following definitions: United States Person : A citizen or resident of the United States or a domestic entity (including a corporation, partnership, trust, or limited liability company, regardless of whether the entity has made an election to be disregarded for federal income tax purposes). A domestic entity for this purpose would be an entity organized in, or under the laws of, the United States. A resident is essentially the same as under the Internal Revenue Code (e.g., a lawful permanent resident, or an individual who meets the 183-day substantial presence test, with certain exceptions).

2 Eisner Observation: The proposed regulations eliminate the need for those persons in and doing business in the United States to file an FBAR. Similarly, one of the IRS notices suspends the FBAR reporting requirement for years prior to 2010 for persons who are not United States citizens, United States residents, or domestic entities. Reportable Account : A formal relationship with a foreign financial institution to provide regular services, dealings or other transactions, even if the relationship is for a short period of time. An account is not established by simply using a foreign financial institution to wire money or purchase a money order. Examples of reportable accounts include: -Bank, securities, brokerage, commodity futures or options and other financial accounts in a foreign country, including certificates of deposit and checking accounts -An annuity policy, or an insurance policy with a cash value -A mutual fund or similar pooled fund that issues shares available to the general public with regular net asset valuations and regular redemption periods FinCEN reserves the right to require FBAR reporting with respect to private equity funds, venture capital funds and hedge funds, but does not impose such a requirement under the proposed regulations. The explanation notes that Treasury continues to be concerned about the use of hedge funds to evade taxes. It is likely that Treasury will await the outcome of pending offshore reporting legislative proposals before it releases further guidance. Eisner Observation: Similarly, one of the new IRS notices eliminates FBAR filing for individuals holding commingled funds (other than foreign mutual funds) prior to Financial Interest : The proposed regulations provide that a United States person has a financial interest in each bank, securities, or other financial account in a foreign country for which the person is the owner of record or holder of legal title, whether or not the account is maintained for the record holder s own benefit or for the benefit of others. A United States person also has a financial interest in a foreign financial account for which the owner of record is a person acting on behalf of that United States person (e.g., as an attorney, agent or nominee). Thus, both the holder of record and the beneficial owner are required to file an FBAR.

3 If an account is maintained in the name of more than one person, each United States person in whose name the account is maintained is deemed to have a financial interest in that account. A United States person is deemed to have a financial interest in a foreign account owned by another entity in the following situations: the total voting power or the total value of shares in a corporation; the capital or profits interests of a partnership; or the voting power, total value of the equity interests or assets, or interests in profits of any other type of entity (other than trusts). A United States person is deemed to have a financial interest in an account held by a trust if any of the following apply: -A United States person is the trust settlor (i.e., grantor) and is deemed to be the owner of the account for income tax purposes under the grantor trust provisions of the Internal Revenue Code; -A United States person has either a beneficial interest in more than 50 percent of the assets of the trust or receives more than 50 percent of the current income of the trust (no clarification is provided for the determination of how the beneficial interest is measured in terms of ownership of assets; the income test alternative presumably is based on fiduciary accounting income); or -A United States person established the trust and appointed a United States person as a trust protector who is subject to such person s direct or indirect instruction. Eisner Observation: Treasury is concerned that in many cases trust protectors serve as alter egos, even though the trust arrangement appears to maintain the appearance of trustee independence. The proposed regulations contain an anti-avoidance rule to require reporting in instances where persons seek to evade the requirement to file an FBAR through the use of special purpose companies used solely to disguise the transfer of funds between commonly controlled entities. Signature or Other Authority : One of the IRS notices also extends the filing deadline to June 30, 2011, to report those foreign financial accounts over which United States persons have signature or other authority, but in which they have

4 no financial interest, including accounts held during or prior to In general, a United States person that has signature or other authority over a foreign financial account may also be required to file the FBAR. Signature or other authority generally means authority, either alone or in conjunction with another, to control the disposition of money, funds, or other assets held in a financial account by delivery of instructions (communicated in writing or otherwise) to the person with whom the financial account is maintained. Officers or employees that have signature or other authority over a foreign financial account may be required to file the FBAR. There are exceptions, but they will only apply if the officer or employee does not have a financial interest in the account. These exceptions apply to officers and employees of the following: -A bank examined by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC, the Office of Thrift Supervision, or the National Credit Union Administration. Notification by the institution that it has filed an FBAR is not required. -A financial institution, securities broker dealer, or futures commission merchant registered with and examined by the SEC or Commodity Futures Trading Commission. Again, notification of officers and employees by the institution that it has filed an FBAR is not required. -An Authorized Service Provider (e.g., a person providing services to an investment company registered under the Investment Company Act of 1940) registered with the SEC. -Domestic and foreign publicly traded entities listed on a United States national exchange. Officers and directors of a United States subsidiary of such a publicly traded entity also are exempt from filing an FBAR, if the United States subsidiary is included in a consolidated FBAR report of the parent entity. -A United States corporation with equity interests registered under section 12(g) of the Securities Exchange Act. These are corporations which have more than $10 million in assets and more than 500 shareholders of record. -Foreign financial account owned jointly by spouses: Only one FBAR is required, signed by both spouses. However, if one spouse is required to file an FBAR for an account which is not jointly owned, the other spouse is required to file a separate FBAR for all his or her accounts, including those owned jointly. Reporting Simplification The proposed regulations also provide some simplified reporting procedures:

5 -A United States person having a financial interest in 25 or more foreign financial accounts or having signature authority over 25 or more foreign financial accounts is required only to provide the number of financial accounts and certain basic information on the FBAR, but must maintain information on the accounts should the IRS request an inspection. -Participants and beneficiaries in qualified retirement plans under the Internal Revenue Code, including owners and beneficiaries of traditional IRAs, Roth IRAs, and 401(k) plans, are not required to file FBARs. Eisner Observation: Trustees and administrators of qualified retirement plans are not exempt from FBAR reporting. -A United States beneficiary of a trust having a more than 50 percent beneficial interest in the trust s corpus or income is not required to report the trust s foreign financial accounts if the trustee of the trust or agent of the trust is a United States person that files an FBAR disclosing the trust s foreign financial accounts. -Consolidated reporting is allowed for all United States persons who own, directly or indirectly, more than 50% in an entity required to file the FBAR. Eisner Observation: Consolidated reporting applies to all types of entities, including partnerships and limited liability companies (not only corporations), which will eliminate duplicative reporting particularly in complex investment vehicle structures. For more information, please contact your Eisner LLP tax professional. This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, or legal advice, nor is it intended to convey a thorough treatment of the subject matter.

Reporting Requirements for Foreign Financial Accounts

Reporting Requirements for Foreign Financial Accounts Reporting Requirements for Foreign Financial Accounts Proposed FinCEN Regulations and IRS Guidance On Foreign Bank and Financial Account Reporting SUMMARY On February 26, the IRS issued Notice 2010-23

More information

FinCEN and IRS Issue Guidance on FBAR Filing Requirements for Certain U.S. Persons. February 26, 2010

FinCEN and IRS Issue Guidance on FBAR Filing Requirements for Certain U.S. Persons. February 26, 2010 FinCEN and IRS Issue Guidance on FBAR Filing Requirements for Certain U.S. Persons February 26, 2010 The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department issued a Notice of

More information

FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders

FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders FBAR s: 2011 Final (BSA) Regulations and How they apply to Protectors, Directors and other Powerholders STEP Miami Branch One Day Conference Friday, June 10, 2011 Conrad Hotel, Miami, FL Stewart L. Kasner

More information

TD F 90-22.1 (Rev. January 2012) Department of the Treasury

TD F 90-22.1 (Rev. January 2012) Department of the Treasury TD F 90-22.1 (Rev. January 2012) Department of the Treasury REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS OMB No. 1545-2038 1 This Report is for Calendar Year Ended 12/31 Do not use previous editions of

More information

22.16: IRS Provides Targeted Relief for FBAR Filers, Including Investors in Foreign Investment Funds

22.16: IRS Provides Targeted Relief for FBAR Filers, Including Investors in Foreign Investment Funds 22.16: IRS Provides Targeted Relief for FBAR Filers, Including Investors in Foreign Investment Funds By Babak Nikravesh of Jones Day and Justin MacCarthy (formerly of Jones Day) In early 2010, the Internal

More information

Foreign Financial Account & Asset Reporting: FinCen (FBAR) v. FATCA

Foreign Financial Account & Asset Reporting: FinCen (FBAR) v. FATCA Foreign Financial Account & Asset Reporting: FinCen (FBAR) v. FATCA Presented by David J Lewis, Attorney, of Krugliak, Wilkins, Griffiths & Dougherty Co. LPA and Patricia L Gibbs, CPA, of CBIZ MHM September

More information

Are You Ready For New Form 8938 to Report Specified Foreign Financial Assets?

Are You Ready For New Form 8938 to Report Specified Foreign Financial Assets? Are You Ready For New Form 8938 to Report Specified Foreign Financial Assets? The Hiring Incentives to Restore Employment ( HIRE ) Act, signed into law in 2010, included modified provisions of the previously

More information

Foreign Bank Account Reports (FBAR)

Foreign Bank Account Reports (FBAR) Foreign Bank Account Reports (FBAR) Peter Trieu, Esq., LLM and Company 101 Second Street, Ste. 1200 San Francisco, CA 94105 415-433-1177 ptrieu@rowbotham.com Reporting Requirement U.S. persons holding

More information

FOREIGN BANK ACCOUNT REPORTING (FBAR) UPDATE CORE LAWYER WORKING GROUP SUMMER 2010. Caring For Those Who Serve

FOREIGN BANK ACCOUNT REPORTING (FBAR) UPDATE CORE LAWYER WORKING GROUP SUMMER 2010. Caring For Those Who Serve FOREIGN BANK ACCOUNT REPORTING (FBAR) UPDATE CORE LAWYER WORKING GROUP SUMMER 2010 Caring For Those Who Serve Reminder: What is FBAR? The Report of Foreign Bank and Financial Accounts ( FBAR ), Treasury

More information

FBAR Background. Reporting Foreign Financial Accounts on the Electronic FBAR

FBAR Background. Reporting Foreign Financial Accounts on the Electronic FBAR FBAR Background Reporting Foreign Financial Accounts on the Electronic FBAR ROD LUNDQUIST, SENIOR POLICY ANALYST SMALL BUSINESS/SELF-EMPLOYED June 4, 2014 Bank Secrecy Act enacted in 1970 Codified primarily

More information

INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year

INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year The last few years have seen increased emphasis on individuals reporting about their foreign investments and penalizing

More information

Guide to Foreign Bank and Financial Account Reporting (FBAR) and the FinCEN Form 114

Guide to Foreign Bank and Financial Account Reporting (FBAR) and the FinCEN Form 114 Guide to Foreign Bank and Financial Account Reporting (FBAR) and the FinCEN Form 114 The Tax Samaritan guide is intended to provide general information for U.S. taxpayers who have an obligation to file

More information

8844 Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Proposed Rules

8844 Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Proposed Rules 8844 Federal Register / Vol. 75, No. 38 / Friday, February 26, 2010 / Proposed Rules Power Plants, which states that a decision by a licensee to adopt a combination of DECON and SAFSTOR may be based on

More information

Instructions for Form 8938

Instructions for Form 8938 2015 Instructions for Form 8938 Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless otherwise

More information

10234 Federal Register / Vol. 76, No. 37 / Thursday, February 24, 2011 / Rules and Regulations

10234 Federal Register / Vol. 76, No. 37 / Thursday, February 24, 2011 / Rules and Regulations 10234 Federal Register / Vol. 76, No. 37 / Thursday, February 24, 2011 / Rules and Regulations 1201). The February-March 2010 proposal called for a two-stage increase. The consumptive use rate was proposed

More information

Instructions for Form 8938 (Rev. December 2014)

Instructions for Form 8938 (Rev. December 2014) Instructions for Form 8938 (Rev. December 2014) Statement of Specified Foreign Financial Assets Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue Code unless

More information

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation? February 29, 2012 Authors: Anubhav Gogna and David W. Powell If you have questions, please contact your regular Groom attorney or any of the attorneys listed below: Anubhav Gogna agogna@groom.com (202)

More information

FOREIGN BANK AND FINANCIAL ACCOUNTS REPORTING (FBAR)

FOREIGN BANK AND FINANCIAL ACCOUNTS REPORTING (FBAR) FOREIGN BANK AND FINANCIAL ACCOUNTS REPORTING (FBAR) Reporting is required for U.S. citizens who has a financial interest in or signature authority over a foreign financial account, including a bank account,

More information

American Bankers Association. Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants

American Bankers Association. Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants American Bankers Association Sample Glossary of Collective Investment Fund Terms for Disclosures to Retirement Plan Participants January 5, 2012 2 PART 1 Frequently Asked Questions (FAQs) About Collective

More information

Business Fraud Alert. FinCEN Issues Final Rule on Foreign Bank Account Reporting (FBAR)

Business Fraud Alert. FinCEN Issues Final Rule on Foreign Bank Account Reporting (FBAR) Cadwalader, Wickersham & Taft LLP New York London Charlotte Washington Beijing March 2011 Business Fraud Alert A Newsletter Covering Developments in Criminal and Civil Enforcement of Anti-Fraud Statutes

More information

BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 114)

BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 114) Financial Crimes Enforcement Network BSA Electronic Filing Requirements For Report of Foreign Bank and Financial Accounts (FinCEN Form 114) Release Date June 2014 (v1.3) Effective October 2013 for the

More information

DESCRIPTION OF THE PLAN

DESCRIPTION OF THE PLAN DESCRIPTION OF THE PLAN PURPOSE 1. What is the purpose of the Plan? The purpose of the Plan is to provide eligible record owners of common stock of the Company with a simple and convenient means of investing

More information

Background. FIN-2010-G001 Issued: March 5, 2010 Subject: Guidance on Obtaining and Retaining Beneficial Ownership Information

Background. FIN-2010-G001 Issued: March 5, 2010 Subject: Guidance on Obtaining and Retaining Beneficial Ownership Information Joint Release Financial Crimes Enforcement Network Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller

More information

Foreign Account Tax Compliance Act ("FATCA")

Foreign Account Tax Compliance Act (FATCA) Required Form Who Must File? Does the United States include U.S. territories? Reporting Threshold (Total Value of Assets) When do you have an interest in an account or asset? Foreign Account Tax Compliance

More information

Simplified Instructions for Completing a Form W-8BEN-E

Simplified Instructions for Completing a Form W-8BEN-E Simplified Instructions for Completing a Form W-8BEN-E For Non-Financial Institutions Only Updated April 2015 Circular 230 Disclaimer: Any tax advice contained in this communication is not intended or

More information

Daily Tax Report. N ew rules requiring reporting of specified foreign. FBAR and FATCA Foreign Financial Assets Reporting: Seeing Double?

Daily Tax Report. N ew rules requiring reporting of specified foreign. FBAR and FATCA Foreign Financial Assets Reporting: Seeing Double? Daily Tax Report NUMBER 246 DECEMBER 22, 2011 FBAR and : Seeing Double? Not Really BY CHARLES M. BRUCE N ew rules requiring reporting of specified foreign financial assets were enacted in March 2010 and

More information

Since the 1970s, the Department of Treasury

Since the 1970s, the Department of Treasury Foreign Account Reporting for Retirement Plans By Jennifer E. Eller and Michael P. Kreps The authors discuss the filing requirements of the Bank Secrecy Act that may apply to retirement plans if funds

More information

FAQs: Final CIP Rule

FAQs: Final CIP Rule Financial Crimes Enforcement Network Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency

More information

Guidance for companies, trusts and partnerships on completing a self-certification form

Guidance for companies, trusts and partnerships on completing a self-certification form Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into

More information

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions For Momentum Retail (excluding Momentum Wealth International) General FATCA questions 1. What is FATCA? FATCA is the acronym for the

More information

Reporting Cash Transactions and Foreign Financial Accounts (Foreign Bank Account Reports "FBAR")

Reporting Cash Transactions and Foreign Financial Accounts (Foreign Bank Account Reports FBAR) Reporting Cash Transactions and Foreign Financial Accounts (Foreign Bank Account Reports "FBAR") Form 8300 - Reporting Cash Payments Over $10,000 in a Trade or Business Reportable transactions include,

More information

MEMORANDUM U.S. TAXPAYER REPORT OF FOREIGN BANK & FINANCIAL ACCOUNTS ( FBAR ) (FORM TD F 90-22.1)

MEMORANDUM U.S. TAXPAYER REPORT OF FOREIGN BANK & FINANCIAL ACCOUNTS ( FBAR ) (FORM TD F 90-22.1) MEMORANDUM RE: U.S. TAXPAYER REPORT OF FOREIGN BANK & FINANCIAL ACCOUNTS ( FBAR ) (FORM TD F 90-22.1) On April 2, 2009, the IRS announced they will reduce the penalty for not filing a Report of Foreign

More information

What s News in Tax Analysis That Matters from Washington National Tax

What s News in Tax Analysis That Matters from Washington National Tax What s News in Tax Analysis That Matters from Washington National Tax FBAR Reporting: Changes Are in the Wind Given the global trend in tax transparency and the U.S. government s heightened enforcement

More information

New Year brings new US Reporting requirement introducing Form 8938 Statement of Specified Foreign Financial Assets

New Year brings new US Reporting requirement introducing Form 8938 Statement of Specified Foreign Financial Assets New Year brings new US Reporting requirement introducing Form 8938 Statement of Specified Foreign Financial Assets Arthur J. Dichter Cantor & Webb P.A., Miami FL The following article gives an overview

More information

Internal Revenue Service Voluntary Disclosure Program Regarding Unreported Offshore Accounts and Entities

Internal Revenue Service Voluntary Disclosure Program Regarding Unreported Offshore Accounts and Entities Dear Clients and Friends of the Firm: Re: Internal Revenue Service Voluntary Disclosure Program Regarding Unreported Offshore Accounts and Entities The purpose of this letter is to advise you of the Internal

More information

FBAR Foreign Bank Account Reporting

FBAR Foreign Bank Account Reporting FBAR Foreign Bank Account Reporting ------------------------------------------------------------------------------------------------------------ Form TD F 90-22.1 is required when a U.S. Person has a financial

More information

Recent Developments in Foreign Bank and Financial Account Reporting (FBARs)

Recent Developments in Foreign Bank and Financial Account Reporting (FBARs) Recent Developments in Foreign Bank and Financial Account Reporting (FBARs) Moderator: Scott E. Fink, Greenberg Traurig, LLP Panelists: Samuel Berman, Special Counsel, IRS Caroline D. Ciraolo, Mark E.

More information

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance www.pwc.com/us/fatca July 2011 FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance Act 1. What is FATCA? FATCA is an acronym for The Foreign Account Tax Compliance Act (FATCA)

More information

Report of Foreign Bank and Financial Accounts (FBAR)

Report of Foreign Bank and Financial Accounts (FBAR) Report of Foreign Bank and Financial Accounts (FBAR) Presenter s name Date Objectives FBAR purpose FBAR reporting / recordkeeping FBAR penalties Compliance initiatives 2 FBAR Purpose Combat the use of

More information

FBAR Reporting Requirements for Foreign Financial Accounts

FBAR Reporting Requirements for Foreign Financial Accounts FBAR Reporting Requirements for Foreign Financial Accounts FinCEN Releases Notice of Proposed Rulemaking to Revise Certain Provisions of the FBAR Regulations SUMMARY The Financial Crimes Enforcement Network

More information

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010

[LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN. November 1, 2010 [LOGO] ROGERS COMMUNICATIONS INC. DIVIDEND REINVESTMENT PLAN November 1, 2010 Rogers Communications Inc. Dividend Reinvestment Plan Table of Contents SUMMARY... 3 DEFINITIONS... 4 ELIGIBILITY... 6 ENROLLMENT...

More information

1 of 14 9/18/2014 2:20 PM

1 of 14 9/18/2014 2:20 PM Internal Revenue Manual - 4.26.16 Report of Foreign Bank and Financia... Part 4. Examining Process Chapter 26. Bank Secrecy Act Section 16. Report of Foreign Bank and Financial Accounts (FBAR) 4.26.16

More information

Application for Traditional, Roth, Rollover, & SEP IRA

Application for Traditional, Roth, Rollover, & SEP IRA See the instructions for Self-Directed Traditional Roth, Rollover & SEP IRA in Section 4 of the application package. Check One: New Contribution Year 20 Transfer from another IRA Check One: Traditional

More information

FBAR How to Manage and Where to Draw the Line

FBAR How to Manage and Where to Draw the Line FBAR How to Manage and Where to Draw the Line David Watt URS Corporation Sean Akins Latham & Watkins LLP Session Overview The US Treasury s Foreign Bank Account Reporting requirements present a record

More information

DEPARTMENT OF THE TREASURY TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND

DEPARTMENT OF THE TREASURY TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND DEPARTMENT OF THE TREASURY TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND THE FRENCH REPUBLIC SIGNED AT WASHINGTON ON DECEMBER 8, 2004 AMENDING THE CONVENTION BETWEEN THE

More information

Investment Management Alert

Investment Management Alert June 2009 Authors: Bobbe Hirsh bobbe.hirsh@klgates.com +1.312.781.6809 Scott D. Newman scott.newman@klgates.com +1.212.536.40549 Theodore L. Press ted.press@klgates.com +1.202.778.9025 András P. Teleki

More information

Subd. 54. Governing statute. Governing statute means the statute that governs an organization s internal affairs.

Subd. 54. Governing statute. Governing statute means the statute that governs an organization s internal affairs. 322B Conversion provisions 322B.03 DEFINITIONS. [...] Subd. 34. Organization. Organization means a general partnership, including a limited liability partnership, limited partnership, including a limited

More information

CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS

CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS CERTIFICATION REGARDING CORRESPONDENT ACCOUNTS FOR FOREIGN BANKS The information contained in this Certification is sought pursuant to Sections 5318(j) and 5318(k) of Title 31 of the United States Code,

More information

May 2, 2008 Pennsylvania Realty Transfer Tax No. RTT-08-003 Substitution of IRA Custodian Transfer from IRA Custodian to IRA Owner

May 2, 2008 Pennsylvania Realty Transfer Tax No. RTT-08-003 Substitution of IRA Custodian Transfer from IRA Custodian to IRA Owner May 2, 2008 Pennsylvania Realty Transfer Tax No. RTT-08-003 Substitution of IRA Custodian Transfer from IRA Custodian to IRA Owner ISSUES: 1. Is a deed that evidences the change in a person s individual

More information

FinCEN Issues Notice of Proposed Rulemaking that Would Extend AML Requirements to Registered Investment Advisers

FinCEN Issues Notice of Proposed Rulemaking that Would Extend AML Requirements to Registered Investment Advisers FinCEN Issues Notice of Proposed Rulemaking that Would Extend AML Requirements to Registered Investment Advisers On August 25, 2015, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: The Plumb Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: The Plumb Funds

More information

The US Private Equity Fund Compliance Guide

The US Private Equity Fund Compliance Guide The US Private Equity Fund Compliance Guide How to register and maintain an active and effective compliance program under the Investment Advisers Act of 1940 Executive Summary Edited by Charles Lerner,

More information

Report of Foreign Bank and Financial Accounts

Report of Foreign Bank and Financial Accounts WARNING: PRINTED VERSIONS OF THE BSA E-FILING FORMS ARE NOT FOR SUBMISSION AND WILL NOT BE PROCESSED BY FINCEN. Report of Foreign Bank and Financial Accounts Report of Foreign Bank and Financial Accounts

More information

Reporting for Foreign Trusts, Entities And Accounts: A Case Study

Reporting for Foreign Trusts, Entities And Accounts: A Case Study Reporting for Foreign Trusts, Entities And Accounts: A Case Study September 26, 2013 Peggy A. Ugent, CPA Giordani, Swanger, Ripp & Phillips, LLP 100 CONGRESS AVENUE, SUITE 1440 AUSTIN, TEXAS 78701 phone

More information

U.S. Taxation and information reporting for foreign trusts and their U.S. owners and U.S. beneficiaries

U.S. Taxation and information reporting for foreign trusts and their U.S. owners and U.S. beneficiaries Private Company Services U.S. Taxation and information reporting for foreign trusts and their U.S. owners and U.S. beneficiaries United States (U.S.) owners and beneficiaries of foreign trusts (i.e., non-u.s.

More information

Investment Adviser Annual and Other Compliance Matters

Investment Adviser Annual and Other Compliance Matters 2013 Investment Adviser Annual and Other Compliance Matters This annual memorandum provides clients and friends of Finn Dixon & Herling with brief summaries of selected compliance matters relevant to investment

More information

Frequently asked questions FATCA

Frequently asked questions FATCA Frequently asked questions FATCA Contents 1. General... 4 What is FATCA?... 4 What is the purpose of FATCA?... 4 When does FATCA begin?... 4 Who is impacted by FATCA?... 4 What information will ING Luxembourg

More information

Outbound International Tax Considerations for U.S. Government Contractors

Outbound International Tax Considerations for U.S. Government Contractors Outbound International Tax Considerations for U.S. Government Contractors Alison N. Dougherty Aronson LLC Tel. (301) 231-6290 adougherty@aronsonllc.com 2014 All Rights Reserved 805 King Farm Boulevard

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: WBI Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: WBI Funds c/o U.S. Bancorp

More information

Qualified Eligible Person ("QEP") Definition

Qualified Eligible Person (QEP) Definition Qualified Eligible Person ("QEP") Definition Although this summary is intended to offer useful and practical information, CFTC Regulation 4.7 sets forth the complete definition of a Qualified Eligible

More information

Insured Money Market Deposit Account Information Statement

Insured Money Market Deposit Account Information Statement Insured Money Market Deposit Account Information Statement Information Statement for Bank Deposit Accounts Maintained Through Robert W. Baird & Co. Incorporated Bank Deposit Account Robert W. Baird & Co.

More information

Radio X June 19 Broadcast Foreign Asset Reporting Questions & Answers

Radio X June 19 Broadcast Foreign Asset Reporting Questions & Answers Radio X June 19 Broadcast Foreign Asset Reporting Questions & Answers 1. What is the FBAR filing? FBAR is the acronym for the Foreign Bank Account Report that must be filed annually with the IRS to report

More information

Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048

Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Notice 97-34, 1997-1 CB 422, 6/02/1997, IRC Sec(s). 6048 Returns of foreign trusts foreign gift reporting requirements tax This notice provides guidance regarding the new foreign trust and foreign gift

More information

US FATCA FAQ and Glossary of FATCA terms

US FATCA FAQ and Glossary of FATCA terms US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain

More information

The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan

The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan The Bank of Nova Scotia Shareholder Dividend and Share Purchase Plan Offering Circular Effective November 6, 2013 The description contained in this Offering Circular of the Canadian and U.S. income tax

More information

Your Taxes: IRS grants 3-week extension for its tax-amnesty program

Your Taxes: IRS grants 3-week extension for its tax-amnesty program Your Taxes: IRS grants 3-week extension for its tax-amnesty program Sep. 22, 2009 KEVIN E. PACKMAN and LEON HARRIS, THE JERUSALEM POST This article is an urgent update for US taxpayers... and it comes

More information

Osterweis Institutional Equity Fund IRA Application

Osterweis Institutional Equity Fund IRA Application Osterweis Institutional Equity Fund IRA Application For Traditional, ROTH, SEP and SIMPLE IRAs Mail to: Osterweis Funds c/o U.S. Bancorp Fund Services, LLC P.O. Box 701 Milwaukee, WI 53201-0701 Overnight

More information

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN

BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN BANK OF MONTREAL SHAREHOLDER DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN This Offering Circular covers common shares of Bank of Montreal (the Bank ) which may be purchased on the open market through

More information

Instructions for Schedule M-3 (Form 1065)

Instructions for Schedule M-3 (Form 1065) 2015 Instructions for Schedule M-3 (Form 1065) Net Income (Loss) Reconciliation for Certain Partnerships Department of the Treasury Internal Revenue Service Section references are to the Internal Revenue

More information

Controlling person Self-certification for the Automatic Exchange of Information and FATCA

Controlling person Self-certification for the Automatic Exchange of Information and FATCA Controlling person Self-certification for the Automatic Exchange of Information and FATCA Instructions for completion This form is provided to you in the context of the implementation of (1) the OECD Standard

More information

Tax Update. New Cost Basis Reporting Rules (Form 1099-B) Effective For 2011. April 2011

Tax Update. New Cost Basis Reporting Rules (Form 1099-B) Effective For 2011. April 2011 Tax Update April 2011 New Cost Basis Reporting Rules (Form 1099-B) Effective For 2011 by Ron Kramer, Director of Strategic Tax Planning If your memory is as bad as mine, you have probably forgotten that

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) I. OVERVIEW A. What is FATCA? FATCA, as it is colloquially known, refers to Chapter 4 of the US Internal Revenue Code, which was enacted by the Hiring Incentives

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Mairs & Power Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: Mairs & Power

More information

New Account Application Advisor Class and Service Class

New Account Application Advisor Class and Service Class New Account Application Advisor Class and Service Class PNC Advantage Institutional Treasury Money Market Fund IMPORTANT INFORMATION PLEASE READ Please complete the investment selection and account information

More information

Investment Account Application and Client Agreement

Investment Account Application and Client Agreement FOR INTERNAL USE ONLY ACCOUNT NUMBER: ACCOUNT TITLE: REVISED: SEPTEMBER 2014 PLEASE COMPLETE, SIGN AND RETURN THIS APPLICATION TO YOUR ADVISOR, WHO WILL INFORM YOU OF ANY FURTHER REQUIREMENTS. I. Account

More information

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration.

DECEMBER 8, 2010 FINANCIAL MARKETS UPDATE. SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration. December 8, 2010 FINANCIAL MARKETS UPDATE SEC Proposes Rules Exempting Certain Private Fund Advisers from Investment Adviser Registration The Securities and Exchange Commission (the SEC ) has published

More information

The Federal Reserve s Final Rule on Merchant Banking and Revised Capital Proposal for Investment Activities

The Federal Reserve s Final Rule on Merchant Banking and Revised Capital Proposal for Investment Activities MEMORANDUM May 4, 2001 RE: The Federal Reserve s Final Rule on Merchant Banking and Revised Capital Proposal for Investment Activities The Federal Reserve Board (the FRB ) has taken two important steps

More information

FBAR CONSIDERATIONS. Possible Penalties for failure to file FBAR are $250,000.00 per violation and 5 years imprisonment.

FBAR CONSIDERATIONS. Possible Penalties for failure to file FBAR are $250,000.00 per violation and 5 years imprisonment. In recent years the United States has been more closely analyzing and scrutinizing the investments held by United States Residents and United States Persons for many reasons not all of which are tax related.

More information

FATCA AND NEW ZEALAND LAW FIRMS

FATCA AND NEW ZEALAND LAW FIRMS This Practice Briefing does not constitute legal advice INTRODUCTION The FATCA agreement between New Zealand and United States is directed at reducing tax evasion by US taxpayers. New Zealand law firms

More information

HEDGE FUND FORMATION AND SECURITIES LAW COMPLIANCE

HEDGE FUND FORMATION AND SECURITIES LAW COMPLIANCE THE JIN LAW GROUP A Specialized Corporate & Securities Law Boutique CLIENT TRAINING MATERIAL HEDGE FUND FORMATION AND SECURITIES LAW COMPLIANCE Contents I. Defining Hedge Fund... 2 II. Legal Structure...

More information

Financial Crimes Enforcement Network

Financial Crimes Enforcement Network Financial Crimes Enforcement Network 1 Special Due Diligence Programs for Certain Foreign Accounts Special Due Diligence Programs for Certain Foreign Accounts An Assessment of the Final Rule Implementing

More information

DEVELOPING AN AML (ANTI-MONEY LAUNDERING) PROGRAM:

DEVELOPING AN AML (ANTI-MONEY LAUNDERING) PROGRAM: DEVELOPING AN AML (ANTI-MONEY LAUNDERING) PROGRAM: Although the Department of the Treasury has not issued specific rules for hedge funds and hedge fund managers, hedge fund managers should adopt and implement

More information

Key Issue 39J: Reporting Foreign Assets

Key Issue 39J: Reporting Foreign Assets Checkpoint Contents Key Issue 39J: Reporting Foreign Assets Reporting Foreign Financial Assets (Form 8938) A specified person must file Form 8938 (Statement of Specified Foreign Financial Assets) with

More information

YOUR INSURED FUNDS. National Credit Union Administration Office of Consumer Protection

YOUR INSURED FUNDS. National Credit Union Administration Office of Consumer Protection YOUR INSURED FUNDS National Credit Union Administration Office of Consumer Protection The National Credit Union Administration (NCUA) operates the National Credit Union Share Insurance Fund (NCUSIF) to

More information

Instructions for Form 3115 (Rev. March 2012) (Use with the December 2009 revision of Form 3115) Application for Change in Accounting Method

Instructions for Form 3115 (Rev. March 2012) (Use with the December 2009 revision of Form 3115) Application for Change in Accounting Method Instructions for Form 3115 (Rev. March 2012) (Use with the December 2009 revision of Form 3115) Application for Change in Accounting Method Department of the Treasury Internal Revenue Service Section references

More information

IRA Account Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Account Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Account Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Capital Advisors c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: Capital

More information

Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement

Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement Part III Administrative, Procedural, and Miscellaneous Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement Rev. Proc 2000-12

More information

Code of Ethics Effective June 1, 2015

Code of Ethics Effective June 1, 2015 Code of Ethics Effective June 1, 2015 APPLICABLE RULES AND REGULATIONS Rule 17j-1 of the Investment Company Act of 1940, as amended Rule 204A-1 of the Investment Advisers Act of 1940, as amended I. POLICY

More information

POLICY ON RELATED PARTY TRANSACTIONS

POLICY ON RELATED PARTY TRANSACTIONS POLICY ON RELATED PARTY TRANSACTIONS OWNER: CITIGROUP CORPORATE LAW DEPARTMENT OFFICE OF THE GENERAL COUNSEL CONTACT: GENERAL COUNSEL, CORPORATE GOVERNANCE ISSUE DATE: JANUARY 2007 REVISED: APRIL 2011

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Zevenbergen Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: Zevenbergen

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Logan Capital Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: Logan Capital

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: The Needham Funds, Inc. c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: The Needham

More information

-Are there shareholder agreements? If yes, attach a copy(ies), and if none, so state.

-Are there shareholder agreements? If yes, attach a copy(ies), and if none, so state. Question 1: INSTRUCTIONS FOR COMPLETION OF THE CERTIFICATE PERTAINING TO FOREIGN INTERESTS a. Do any foreign person(s), directly or indirectly, own or have beneficial ownership of 5% or more of the outstanding

More information

THE DEVIL IS IN THE DETAIL

THE DEVIL IS IN THE DETAIL THE DEVIL IS IN THE DETAIL IRS TAX FORMS FOR U.S. BENEFICIARIES OF FOREIGN TRUSTS Presented by: Anthony Panebianco, CPA, TEP Montrose Accounting Company, LLC New York, NY Phone: (212) 888-5959 Email: apanebianco@montroseaccounting.com

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Bridges Investment Fund c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 In compliance with the USA PATRIOT

More information

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs

IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs IRA Application For Traditional, ROTH, SEP, and SIMPLE IRAs >> Mail to: Schooner Funds c/o U.S. Bancorp Fund Services, LLC PO Box 701 Milwaukee, WI 53201-0701 Overnight Express Mail To: Schooner Funds

More information

COMMONWEALTH FINANCIAL NETWORK BANK DEPOSIT SWEEP PROGRAM (BDSP SM ) DISCLOSURE DOCUMENT

COMMONWEALTH FINANCIAL NETWORK BANK DEPOSIT SWEEP PROGRAM (BDSP SM ) DISCLOSURE DOCUMENT COMMONWEALTH FINANCIAL NETWORK BANK DEPOSIT SWEEP PROGRAM (BDSP SM ) DISCLOSURE DOCUMENT November 2015 This section highlights certain key features of the Bank Deposit Sweep Program. Please read the complete

More information

(1) Holding at least 10 percent of the issued and outstanding shares of such corporation; or

(1) Holding at least 10 percent of the issued and outstanding shares of such corporation; or Georgia Code TITLE 33 - INSURANCE CHAPTER 24 - INSURANCE GENERALLY ARTICLE 1 - GENERAL PROVISIONS 33-24-3 - Insurable interest -- Personal insurance O.C.G.A. 33-24-3 (2010) 33-24-3. Insurable interest

More information

international tax issues and reporting requirements

international tax issues and reporting requirements international tax issues and reporting requirements Foreign income exclusions and foreign tax credits can significantly reduce the taxes you pay on foreign sourced income and help you avoid double taxation.

More information

FAQs on Cost-Basis Reporting for Brokers

FAQs on Cost-Basis Reporting for Brokers FAQs on Cost-Basis Reporting for Brokers The IRS published a list of Frequently Asked Questions on the new expanded tax reporting requirement for brokers which include reporting their customer s tax basis

More information