Are you complying with the new US rules for financial reporting? If you own or have signing authority over a non-US bank or other financial account, you may be required to file a report if you are:
- A US citizen or resident
- A Canadian or other non-US citizen or resident who frequently travels to the United States for business
- A US corporation, partnership, trust, or estate
- A non-US corporation, partnership, trust, or estate that frequently conducts business in the United States.
- Along with bank accounts, affected foreign financial accounts include securities accounts, Registered Retirement Savings Plans, Registered Education Savings Plans, Tax-Free Savings Accounts, and even Canadian mutual fund investments.
The deadline for the 2008 filing under these rules is June 30, 2009. Civil and criminal penalties for not filing a report, or for filing a false or fraudulent report, can be significant; in some cases, fines up to US$500,000 and 5-year prison terms can apply.
Featured speakers included Jim Yager, Partner – International Executive Services, KPMG in Toronto and Ian Bristol, Senior Associate, Moskowitz & Meredith LLP, an affiliate of KPMG LLP.
To access the webcast replay and a copy of the presentation, please click here.