FinCEN expands Real Estate 'Geographic Targeting Orders' for large transactions

FinCEN expands Real Estate 'Geographic Targeting Orders' for large transactions

http://ift.tt/1RfwK1f If you have a tax issue or question (domestic or international), don't hesitate to contact us at 888-727-8796 or info@irsmedic.com. Back in April we talked about FinCEN's (Financial Crimes Enforcement Network) latest press release/project: “FinCEN takes aim at real estate secrecy in Manhattan and Miami. ‘Geographic Targeting Orders’ requires identification for high end cash buyers”. This was effective March 1, 2016 and was set to expire on August 27, 2016. Alas - it did not expire...instead the program was expanded. The originally targeted areas were Manhattan, and Miami-Dade County, FL. In this video, we talk about the expanded areas, the new reporting dollar amount thresholds, and the scope of "covered transactions". ***Jurisdiction Price Thresholds*** The Borough of Manhattan $3,000,000 The Borough of Brooklyn $1,500,000 The Borough of Queens $1,500,000 The Borough of Bronx $1,500,000 The Borough of Staten Island $1,500,000 Miami-Dade County $1,000,000 Broward County $1,000,000 Palm Beach County $1,000,000 San Diego County $2,000,000 Los Angeles County $2,000,000 San Francisco County $2,000,000 San Mateo County $2,000,000 Santa Clara County $2,000,000 Bexar County $500,000 IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. 888-727-8796 info@irsmedic.com http://youtu.be/s-r5RWwJ2bQ IRS Medic