Crossing the threshold triggers the SEC's filing requirements, even if a company's shares don't trade publicly.
Americans spend 7.6 billion hours a year complying with tax-filing requirements, the equivalent of 3.8 million full-time jobs.
However, the filing requirements are still in place, meaning that reporting for 2011 is still going to happen.
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Those who were unaware of FBAR filing requirements can file previous reports and an explanation why they are late.
The relief does not apply to payment requirements, just filing requirements.
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This would have made it impossible for AIG to meet its filing requirements as a public company, the consequences of which would have been disastrous.
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The failure to learn of filing requirements coupled with efforts to conceal the existence of the accounts may lead to a conclusion that the violation was willful.
The IRS announced this week that it is changing the filing requirements for tax pros who submit a federal tax return claiming the Earned Income Tax Credit (EITC).
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Most of them have to do with cumbersome filing requirements.
This sea-change in the American stock and bond markets has come about as a result of changes adopted on May 8 by the Securities and Exchange Commission affecting the filing requirements and other procedures that apply to foreign would-be registrants.
For years, most small tax-exempt organizations were exempt from filing requirements with IRS. This all changed a few years back when The Pension Protection Act of 2006 made it mandatory for tax-exempt organizations to file an annual information return or notice with the IRS regardless of how much (or little) income the organization receives.
U.S. taxpayers having undisclosed interests in foreign financial accounts and assets must consult competent professionals before deciding to participate in the SFP, the 2012 OVDP, or some other action designed to come into compliance with their filing and reporting requirements.
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That process can last longer than a U.S. Chapter 11 filing because officials, such as a judge, review whether the debtor meets eligibility requirements for a filing, and that can take a few months.
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John Byrne, former head of compliance at the American Bankers Association, recently told congressional committees that regulatory requirements for dealing even with legit money-transfer services had become so burdensome for banks that they were filing suspicious-activity reports at every turn and shutting down remittance accounts.
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