A House Subcommittee reviewed the operations of the Committee on Foreign Investment in the United States. Newly introduced legislation would broaden the range of transactions that are subject to review, blocking, or unwinding by CFIUS.
The IRS reminded taxpayers who have one or more bank or financial accounts located outside of the United States, or taxpayers who have signature authority over such accounts, that they might be required to file an FBAR by June 30, 2016.
The Financial Crimes Enforcement Network reminded U.S. persons, and those with signatory authority over foreign financial accounts the aggregate value of which exceeds $10,000 at any time during a calendar year, to file their required reports on Foreign Bank and Financial Accounts (commonly known as "FBARs") by June 30, 2016.
Cadwalader attorneys reviewed proposed Treasury regulations that would require business entities formed in the United States that are owned by a single foreign person to file annual information returns with the IRS.
A hotel and resort company delayed the planned acquisition of a vacation ownership business as a result of new understandings of the tax consequences of the deal under the Foreign Investment in Real Property Tax Act.