Corporate Transparency Act comes with new reporting requirements for companies

On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (NDAA) was passed, and included with it was the Corporate Transparency Act (CTA). The CTA requires certain business entities to file information on their “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN). FinCEN is the same organization to which taxpayers disclose …

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Court ruling holds decedent’s estate liable for FBAR penalties

Dean Danielson was a U.S. citizen who formed a corporation called Sugar Creek in the 90’s. The company was in the business of selling Swiss annuities, and he opened two foreign bank accounts (one in Canada and one in Lichtenstein) in the company’s name. In the years 2006 through 2009, the amounts in those bank …

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FBAR Deadline Fast Approaching – Don’t Forget to File

Just a reminder to prepare and file the Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR) with the Treasury Department as the deadline is fast approaching – June 30, 2015. Any United States (U.S.) person or entity with signature authority over or interest in foreign accounts with the …

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