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In Apparent Response To Recent Challenges SEC Proposes Amendments To Rules Governing Administrative Proceedings

On September 24, 2015, the Securities and Exchange Commission announced that it had voted to propose amendments to the rules governing administrative proceedings.  The announcement comes in the wake of rising opposition by the targets of such proceedings and increased criticism from industry participants who argue that the current system is fundamentally unfair.  As evidence, critics have cited the SEC’s increased use of such proceedings since the Dodd-Frank Act and its near 100% “win” rate in such cases.  SEC Chair Mary Jo White said that the proposed amendments “seek to modernize the rules of practice . . . .”  While the proposal would amend a number of the SEC’s rules of practice, there are two significant changes that would theoretically level the playing field for respondents to some degree.


United States’ Global Efforts To Uncover Foreign Account Holders

Several developments in the government’s ongoing investigation of U.S. persons with foreign bank accounts have taken place this month. First, another seven banks have signed non-prosecution agreements pursuant to the Department of Justice’s “Swiss Bank Program.” Second, indicative of the government’s desire to expand its inquiry beyond Switzerland, a federal court in Miami approved an IRS request to serve a so-called “John Doe summons” to seek records of Belize Bank International Limited and Belize Bank Limited’s correspondence accounts at Bank of America, N.A. and Citibank, N.A.


Upcoming Filing Deadlines For Taxpayers With Foreign Assets And Accounts

TAMPA, FL, June 17, 2015 — The IRS recently reminded taxpayers with foreign assets and accounts of several upcoming filing deadlines. The most well-known of these reporting requirements is the FBAR, or Report of Foreign Bank and Financial Accounts, which must be filed with the Financial Crimes Enforcement Network (FinCEN) by June 30th. It is important to note that the FBAR filing requirement is separate and distinct from the taxpayer’s obligation to disclose their interest in a foreign account on Schedule B of their federal income tax return.


Guerra & Partners Supports Bay Area Legal Services

For the third consecutive year, Guerra & Partners is pleased to announce it is supporting Bay Area Legal Services as a Sustaining Law Firm donor. Bay Area Legal Services provides free civil legal services to qualified and low-income residents and nonprofits throughout the Tampa Bay area. Last year, Bay Area Legal Services helped and educated more than 25,000 individuals, families, and community groups.