The Tax Law Group closely follows the latest news and developments legislative action of Congress, as well as in the decision making process of IRS, Deparment of Justice and other federal agencies inasmuch as those are relevant to the taxation issues. We analyze the current develpments and provide our clients with the most updated information useful for their application and for litigation purposes when so necessary.
For latest interpretation of the acts of Congress, published by IRS and other federal agencies, follow these abbrebiated descriptions:
Bank Secrecy Act
Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters. The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.
The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. The IRS seeks to achieve a balance between enforcement of the money laundering laws and education. This page provides links to information about specific BSA requirements to assist with education and compliance with the law.