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YOON & KIM LLP was formed by attorneys who were drawn together by a common vision and to provide the highest quality legal services to Fortune 1000 companies as well as to individuals and minority-owned businesses. The firm’s attorneys have a proven courtroom track record and extensive experience with some of the top law firms in New York City. Our clients value our responsiveness, attention to detail and deep commitment to obtaining successful results.

News

  • June 3, 2015

    The deadline for reporting a U.S. person’s interest in a non-US bank account during 2014 is fast approaching.  Any U.S. citizen or greencard holder, regardless of whether he resides outside of the United States, must disclose these accounts to the U.S. Government by June 30, 2015.  The reporting requirement, commonly referred to as “FBAR” (now FinCEN Form 114), is required for accounts that have combined balances exceeding 10,000 U.S. dollars.  A U.S. person must report accounts he owns as well as accounts over which he has signatory authority.  The FBAR filing requirement is of greater importance this year because of the arrival of the U.S. FATCA (the Foreign Account Tax Compliance Act) regime.  South Korea is nearing completion of an Inter-Governmental Agreement with the United States and has agreed to disclose identifying information of U.S. accountholders within all South Korea financial institutions. 

     

    Click onto link to view full article in Korean. http://www.hankyung.com/news/app/newsview.php?aid=2015060132941&intype=1

     

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