Archive | May, 2012

FBAR – U.S. Trustee Foreign Non-Grantor Trust

May 31, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

A U.S. trustee of a foreign non-grantor trust must file Form TD F 90-22.1 if the Trustee has a financial interest in or signature authority or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the value of such accounts exceeds $10,000. A person […]

Read More »

FBAR – Exceptions & Mechanics of Filing

May 14, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Exceptions Notwithstanding the general rules, Form TD F 90.22-1 is not required to be filed under the following circumstances: 1) An officer or employee of a bank which is subject to the supervision of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the Federal […]

Read More »

FBAR – Ownership of Accounts and Signature Authority

May 10, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Ownership of Accounts Under the instructions to Form TD F 90-22.1, a U.S. person has a financial interest in a bank, securities, or other financial account in a foreign country under either of the following circumstances: 1) A U.S. person is the owner of record or has legal title, whether the account is maintained for […]

Read More »

FBAR and Foreign Bank Accounts: Definitions

May 07, 2012  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Each U.S. person having a financial interest in, or signature or other authority over, any foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must report such relationship by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”). In addition, they have to disclose […]

Read More »

U.S. Tax Reporting for International Investors: Non-U.S. Citizens

May 03, 2012  |   Posted by :   |   International Investors   |   0 Comments

In 2009, 36,221,554 international visitors came to the United States.  Non-U.S. citizens, who visit the United States, may be treated as U.S. taxpayers under either: 1) The “Green Card” Test (i.e., they have a green card); 2) The “Substantial Presence Test” (they are in the U.S. for 122 days per year over a consecutive 3-year […]

Read More »