Our next tax trivia question is: Congress passed the Bank Secrecy Act (sometimes referred to as BSA or the Currency and Foreign Transactions Reporting Act), which included cash reporting requirements and FBAR (Report of Foreign Bank and Financial Accounts) rules, in 1970 as the first laws to fight which crime in the US? For more about…
In 1970, Congress passed the Bank Secrecy Act which was pretty much the first law on the books in the US to require banks and other financial institutions to reveal personal financial information to the government. Yep, this was long before the Patriot Act and was originally meant to assist law enforcement agencies in the…
Update: We have a winner! It’s Chad! For the answer, see the comments! Our next tax trivia question for the giveaway is: This year, thanks to UBS, the Bank Secrecy Act has gotten a lot of press. Under the Act, each US person must file a Report of Foreign Bank and Financial Accounts (FBAR) if…
Well, only if you live in Alabama, Alaska, Arizona, Arkansas, California, Connecticut, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Nebraska, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, Wyoming and Puerto Rico. The Service announced that those 33 states and…