The Federal Reserve on Monday announced the availability of Electronic Applications, or “E-Apps,” a new Internet-based system for financial institutions to submit regulatory filings. E-Apps allows firms and their representatives to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. Registered users can access the system at any time to upload additional documents or create new filings. There are no fees for using E-Apps.
E-Apps has been designed to ensure the confidentiality of the data and the identity of individual filers. Institutions ready to start using E-Apps can find sign up forms at http://www.federalreserve.gov/bankinforeg/eappssignup.htm.
The Federal Reserve Banks have announced plans to conduct another series of studies to determine the current volume and composition of check and electronic payments in the United States. These studies will build on information gained from similar studies conducted by the Reserve Banks in 2001, 2004 and 2007.
The 2010 Federal Reserve Payments Study consists of three research efforts commissioned to estimate the annual number, dollar value and composition of retail noncash payments in the United States. Together, the studies will provide aggregate estimates and current trends in the use of noncash payment instruments by U.S. consumers and businesses.
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Beginning January 1, 2010, the income and filing requirements for rollovers (including conversions) to a Roth IRA were eliminated. Additionally, for rollovers to a Roth IRA in 2010 only, a special 2-year option for reporting taxable portions of a rollover is available to taxpayers.
Previously, taxpayers were permitted to roll over (convert) a traditional IRA, SEP-IRA, SIMPLE IRA, and an eligible rollover distribution from an employer’s retirement plan (other than from a designated Roth account) to a Roth IRA only if the following requirements were met:
- AGI for Roth IRA purposes was $100,000 or less; and
- tax filing status was not married, filing separate.
Under the new rules for 2010, regardless of income or filing status, individuals may roll over (convert) the following to a Roth IRA:
- a traditional IRA, SEP-IRA or SIMPLE IRA;
- an eligible rollover distribution from a 401(k), 403(b) (or similar plan, as permitted);
- an eligible rollover distribution to a beneficiary from a retirement plan.
For rollovers and conversions to a Roth IRA in 2010 only, taxpayers have the option of reporting all of the taxable portion of the rollover in 2010, or reporting half in 2011 and half in 2012.
Additional information about Roth IRA Conversions and Rollovers, Qualified Rollovers and the Taxation of Roth IRA conversions may be found in The Gold Book.
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The Financial Crimes Enforcement Network (FinCEN) is providing an educational pamphlet, “Notice to Customers: A CTR Reference Guide,” for financial institutions and their customers containing information on the currency transaction reporting (CTR) requirement. The pamphlet is provided as a resource for financial institutions to help address questions frequently asked by their customers.
For example, the pamphlet explains that large currency transactions are not illegal, and that financial institutions are required to obtain information from their customers when these transactions do occur. The pamphlet does not alter in any way a financial institution’s BSA reporting requirements and explains that if a customer attempts to break up, i.e. “structure,” transactions in order to evade the CTR reporting requirement there are potential civil and criminal consequences. In the pamphlet, FinCEN explains what constitutes structuring and provides examples of structured transactions.
The pamphlet may be found at:
http://www.fincen.gov/whatsnew/pdf/CTRPamphlet.pdf
A Spanish version of the pamphlet may be found at:
http://www.fincen.gov/whatsnew/pdf/espanal_CTRPamphlet.pdf
Information on Currency Transactions Reports is found in the Compliance chapter of The Gold Book.
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