Search Results for citation:"86 FR 7183"

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Search Results: citation:"86 FR 7183"

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  • 2021-01694 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Report of Foreign Bank and Financial Accounts
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    Type:Notice
    Citation:86 FR 7183
    Reading Time:about 3 minutes

    The Department of the Treasury is seeking public comments on their information collection requests, which will be reviewed by the Office of Management and Budget (OMB). These requests relate to the reporting and recordkeeping requirements under the Bank Secrecy Act (BSA) for U.S. persons with foreign financial accounts. The BSA helps combat money laundering and terrorism by requiring financial institutions to keep records and file reports helpful in various matters. The key form related to this is the FinCEN Report 114, also known as the FBAR, which must be filed annually if foreign accounts exceed $10,000 in the previous calendar year. The deadline for public feedback is February 25, 2021.

    Simple Explanation

    The Treasury Department wants to know what people think about a form they have to fill out if they have a lot of money in banks outside the U.S. This form helps the government track illegal activities.

  • 2021-01682 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Importer's Records and Reports
    Type:Notice
    Citation:86 FR 7183
    Reading Time:about 2 minutes

    The Department of the Treasury is planning to submit information collection requests to the Office of Management and Budget (OMB) for review. This action is part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to send their comments on these requests by February 25, 2021. The requests relate to importers' records and reports, particularly focused on ensuring the correct permits and taxes for importing alcohol and tobacco products, and ensuring compliance with federal regulations.

    Simple Explanation

    The Treasury Department wants to check how importers keep track of their alcohol and tobacco products to make sure everything is legal and taxes are paid. They are asking people to share their thoughts on this by the end of February.