- What is a United States person?
- Who is considered to be doing business in the United States for FBAR reporting purposes?
- Would a foreign athlete or entertainer that occasionally visits the U.S. in order to compete or perform in an event, be considered a United States person for FBAR purposes?
- A person is a non-resident alien and only visits the United States to manage his personal interests, such as rental property. Does that person have to file an FBAR?
- A non resident alien who doesn't meet the 183 day test is a partner in a US partnership where the US partnership deals with rentals; must he file an FBAR?
- An American citizen, X, gives a person who is a citizen or resident of the U.S. power of attorney to X's Canadian bank accounts. X files an FBAR form annually. Does the power of attorney also need to file an FBAR?
- A fiduciary who is a U.S. person has control as a trustee for an IRA with a foreign account. Should an FBAR be filed?
- Is a single member LLC, which is a disregarded entity for US tax purposes, a United States person for FBAR purposes?
A "United States person" includes a citizen or resident of the United States, or a person in and doing business in the United States. The term "person" includes individuals and all forms of business entities, trusts, and estates.
A. Whether a person is considered, for FBAR purposes, to be in, and doing business in the United States is determined based on an analysis of the facts and circumstances of each case. Generally, a person is not considered to be in, and doing business in the United States unless that person is conducting business within the United States on a regular and continuous basis. Persons who are merely visiting the United States or who sporadically conduct business in the United States, are not in, and doing business in, the United States for FBAR reporting purposes. For example, a person who is not a citizen or resident of the United States and who is engaged in a business but who only occasionally visits the United States to meet customers or business associates would not be in, and doing business in the United States for FBAR reporting purposes.
A. Artists, athletes, and entertainers who are not citizens or residents of the United States and who only occasionally come to the United States to participate in exhibits, sporting events, or performances, do not have to file FBARs.
A. A person who is not a United States citizen or resident and who visits the United States to manage his personal investments, such as rental property, and conducts no other business, is not considered to be in, and doing business in, the United States for FBAR reporting purposes and does not have to file FBARs.
A. With the October 2008 revision to the FBAR form and instructions, FBARs are now required by nonresidents who are in, and doing business in, the United States. Whether a person is a nonresident alien for tax purposes has no bearing on the person's FBAR reporting obligation. The domestic partnership may have to file FBARs if it has a financial interest in, or signature authority (or other authority that is comparable to signature authority), over a financial account that is located in a foreign country. Whether a person is considered to be in, and doing business in, the United States is determined based on an analysis of the facts and circumstances of each case. Generally, a nonresident is not considered to be in, and doing business in the United States for FBAR reporting purposes if he only holds a partnership interest in a domestic partnership.
A. Yes, because the power of attorney has signature or other authority over the accounts and because he is a U.S. person.
A. Yes, because the fiduciary is a U.S. person.
A. Yes, the tax rules concerning disregarded entities do not apply with respect to the FBAR reporting requirement. FBARs are required under Title 31, not under any provision of the Internal Revenue Code.
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