Tag Archives: signature authority

FBAR – Financial Interest Signatory Authority

January 30, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

The FBAR is not a tax return.  The FBAR is a financial disclosure (i.e., a report of the Taxpayer’s foreign financial accounts).  The FBAR must be filed even if the reported accounts generate no interest or other taxable income.  All income earned on the foreign account must be reported on the tax return of the […]

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FBAR – the Element of Control

January 22, 2013  |   Posted by :   |   FATCA/FBAR   |   0 Comments

Under the FBAR instructions, signatory authority may be present and a FBAR may be required when there is an indirect element of control. The FBAR instructions state: “Authority exists in a person who can exercise comparable power over an account by direct communication to the bank or other person with whom the account is maintained, […]

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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 […]

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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 […]

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