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The IRS-Panama Papers - Money Laundering and Tax Evasion: FBAR

 
The IRS-Panama Papers - Money Laundering and Tax Evasion: FBAR

“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 his or her own benefit or for the benefit of others including non-U.S. persons. If an account is maintained in the name of two persons jointly, or if several persons own a partial interest in an account, each of those U.S. persons has a financial interest in that account.

2. U.S. person has a financial interest in each bank, securities, or other financial account in a foreign country for which the owner of record or holder of legal title is:

a) A person acting as an agent, nominee, attorney, or in some other capacity on behalf of the U.S. person;

b) A corporation in which the U.S. person owns directly or indirectly more than 50 percent of the total value of shares of stock;

c) A partnership in which the U.S. person owns an interest in more than 50 percent of the profits (distributive share of income); or

d) A trust in which the U.S. person either has a present beneficial interest in more than 50 percent of the assets or from which such person receives more than 50 percent of the current income.”

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Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.

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