We have posted several commentaries at the blog discussing FBAR (Foreign Bank and Financial Account Report.) Our latest is a full article by Solari legal counsel, Carolyn Betts. The article, which has only been available to Solari Report subscribers, is now available publicly here.
In the new piece, we provide a review and an update of the 2011 requirements, including these areas:
From the article:
- Statutory Provisions
- Regulatory and IRS Interpretations of Statutory Provisions
- Clarification of Specific Definitions
- Passive Foreign Investment Company Reporting
- FATCA (Foreign Account Tax Compliance Act)
Read the article ...
On February 24, 2011, FinCEN (the Financial Crimes Enforcement Network, which is an agency within the U.S. Treasury) issued revisions to Bank Secrecy Act regulations (31 CFR 103) requiring US persons to keep records and file reports regarding foreign financial accounts. This is commonly referred to as the "FBAR" filing requirement. Authority for the FBAR filing requirement is found in the Bank Secrecy Act provisions that authorize FinCEN to issue regulations requiring persons to keep records and file reports that are determined to have "a high degree of usefulness in criminal, tax, regulatory and counter-terrorism matters." The following is a summary of the current regulations as they relate to individual investors. The new regulations were effective starting with reports required to be filed by June 30, 2011 for holdings during calendar year 2010.
Last Week on The Solari Report
Catherine interviewed Jo Kline Cebuhar during last week's Solari Report. That transcript is up and now available to Subscribers. These are some of the questions they addressed: Health care proxies and living wills? What are they? Why they are so important? What could go wrong if you do not have one? Aging needs vs diminishing resources. What it means for policies in general and for us specifically and how that relates to the importance of being prepared. How to become familiar with options and your state law. Should we use professional help? How? Should you speak with family and friends? How to choose and educate a proxy.
Read the blog post ...
Up Next on The Solari Report
March 1: Catherine speaks on Living in Faith; March 8, the Precious Metals Market Report with Franklin Sanders, and March 15, Organizing the Legal Structure for Your Start Up: The Comfort Calls Story.
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