Kenneth S. Federman's blog
Foreign Account Reporting Redux
Mar 29, 2011 | Kenneth S. Federman
The US Treasury requires certain individuals and entities to report the existence of certain foreign financial accounts and entities (the “foreign reporting rules”). Since the foreign reporting rules became an area of focus for Treasury, there has been uncertainty regarding specifically who is obligated to file. Given that the penalties for non-compliance are potentially severe (and include both financial and criminal sanctions) this initial determination is of crucial importance. Treasury has now issued final regulations that will assist in that determination.
