On Friday, January 1, 2021, the Senate voted to override President Trump’s veto of the 2021 National Defense Authorization Act (“2021 NDAA”) by a vote of 81 -13. The Senate’s override follows the House of Representatives’ override on December 28, 2020, and the 2021 NDAA is now law. As we reported on December 23, 2020, … Continue Reading
On Monday, December 28, 2020, the House voted to override the President’s veto of the 2021 National Defense Authorization Act (“2021 NDAA”) by a vote of 322 – 87. As we reported last week, the 2021 NDAA includes new FinCEN reporting requirements for U.S. and foreign entities to disclose information regarding the beneficial owners of reporting … Continue Reading
Earlier this month, both houses of Congress passed the 2021 National Defense Authorization Act (“2021 NDAA”). Included in Title LXIV of the 2021 NDAA (Title 64 for those of us rusty on Roman numerals), are new information reporting requirements intended to identify individual beneficial owners of certain business entities. Subject to a number of exceptions, … Continue Reading
A question appears at the bottom of Schedule B (Interest and Dividend Income) of the Form 1040 (U.S. Individual Income Tax Return) that asks individual taxpayers if during the taxable year they had any interest in or signature or other authority over a bank, securities, or other financial account in a foreign country during the … Continue Reading
