BradleyT
02-16-2005, 08:29 PM
Stinky Linky (http://www.irs.gov/businesses/small/article/0,,id=105719,00.html)
OVCI covers all types of offshore activities such as, but not limited to, the use of credit, debit, and charge cards (offshore payment cards), and arrangements with banks, financial institutions, corporations, partnerships, trusts, or other entities (offshore financial arrangements).
When must a taxpayer file a Report of Foreign Bank and Financial Accounts?
A - An Report of Foreign Bank and Financial Accounts (FBAR) must be filed annually by any U.S. person who had a financial interest or signature or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. The courts have interpreted the terms "financial account" and "control or other authority" very broadly, to include such things as a ledger entry on the books of a Swiss corporation and the ability to give oral instructions as to the disposition of funds in an account.
OVCI covers all types of offshore activities such as, but not limited to, the use of credit, debit, and charge cards (offshore payment cards), and arrangements with banks, financial institutions, corporations, partnerships, trusts, or other entities (offshore financial arrangements).
When must a taxpayer file a Report of Foreign Bank and Financial Accounts?
A - An Report of Foreign Bank and Financial Accounts (FBAR) must be filed annually by any U.S. person who had a financial interest or signature or other authority over any financial accounts, including bank, securities, or other types of financial accounts in a foreign country if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year. The courts have interpreted the terms "financial account" and "control or other authority" very broadly, to include such things as a ledger entry on the books of a Swiss corporation and the ability to give oral instructions as to the disposition of funds in an account.