The saga dates back to November 2017, when $496m belonging to The Port Fund, a Kuwaiti investment firm, was frozen while passing through Noor Bank in Dubai.
FinCEN Forms 114, Report of Foreign Financial and Bank Accounts, (“FBARs”), are not part of a Streamlined Procedures filing.
It is also fair to say that the IRS suffered from being politicized through numerous administrations and, consequently, not well managed at the top end.
This tax planning, when done in the cleverest of ways, requires considerable time, effort and intellect.
SEC Chairman Jay Clayton stated that the final rules, together with existing reporting requirements regarding insider transactions in company securities, would serve to “bring increased clarity to share ownership and incentives” of company ins