A bipartisan group of senators introduced a bill which would impose federal beneficial ownership reporting requirements for legal entities established under state law, intended to assist law enforcement in fighting money laundering and terrorist financing.
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A bipartisan group of U.S. senators proposed the "ILLICIT CASH Act," which would establish federal reporting requirements to help federal and local law enforcement officials more easily access beneficial ownership information.
FinCEN extended the deadline for certain individuals to file Foreign Bank and Financial Accounts Reports ("FBAR"). This affects individuals with signature authority over, but no financial interest in, a foreign financial account. The filing due date has been extended to April 15, 2020. The original expiration date was April 15, 2018.
The Financial Crimes Enforcement Network extended the due date for certain individuals to file a Report of Foreign Bank and Financial Accounts.
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.