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FBAR: Challenges for Clients and Firms Alike
Form TD F 90-22.1, “Report of Foreign Bank and Financial Accounts” (commonly known as the “FBAR”), is an annual report that “U.S. persons” are required to file to disclose financial interests, or signatory or similar interests, in foreign bank and financial accounts (“foreign accounts”). While it is administered by the Commissioner of Internal Revenue (the “Commissioner”), the FBAR is required to be filed pursuant to Treasury Regulations relating to the Bank Secrecy Act, not the Internal Revenue Code (the “Code”).
The FBAR is not filed with the tax return, discloses no information about the income derived in a foreign account, and is not used for calculating any tax obligations. Yet the Internal Revenue Service (“IRS”) has converted the FBAR from a minor information report to a primary tool for pursuing hidden bank accounts.
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New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
One Overlooked Element of Executive Safety: Data Privacy
Executives have access to some of the company's most sensitive information, and they're increasingly being targeted by hackers looking to steal company secrets or to perpetrate cybercrimes.