⇒ U.S. Citizen.
⇒ U.S. Residents.
⇒ U.S. entities and any entity created or organized In U.S. or under U.S. law tax status disregarded.
2. You have a financial interest in or signature authority over an account
Financial Interest means:
⇒ If You are U.S. person and you hold title directly.
⇒ If You hold title for the benefit of a U.S. person.
⇒ If you hold title indirectly.
Signature Authority means:
⇒ You can control disposition of account assets.
⇒ It can be in conjunction with another.
⇒ By direct communication; Oral or written.
Signature authority does not mean:
⇒ Supervisory approvals.
3. That account is a Foreign Financial Account(s)
Foreign Account means: Outside the United States, which is:
⇒ States or foreign countries.
⇒ D.C. Territories and Possessions.
⇒ Indian lands.
⇒ Physical location of account governs.
Financial means:
⇒ Both monetary and non-monetary assets.
⇒ Bank, brokerage, and investment accounts; insurance and annuity policy cash values; and mutual funds are specifically named.
⇒ Generally not real and personal property.
4. The aggregate value of the account(s) exceeds $10,000 at any time during the calendar year
Aggregate Value Exceeds $10,000 means:
⇒ Aggregate accounts with financial interest and those with signature authority.
⇒ Aggregate accounts owned directly and those owned indirectly.
Reportable Accounts
⇒ Bank accounts checking, savings, CDs.
⇒ Securities or brokerage accounts (buying, selling, holding or trading stocks, bonds, etc.).
⇒ Other financial accounts.
⇒ Other deposit accounts.
⇒ Cash value of insurance or annuities.
⇒ Commodity futures or options accounts.
⇒ Mutual funds, or similar pooled funds.
Mutual Fund is defined as:
⇒ Issues shares to the general public and shares have a regular net asset value determination and regular redemption.
5. Reportable Account Exceptions
⇒ U.S. military banking facility.
⇒ Accounts of U.S. governmental entities.
⇒ International financial institutions.
⇒ Correspondent or Nostro accounts.
⇒ Held in a U.S. IRA (if owner or beneficiary).
⇒ Held in a tax-qualified retirement plan if participant or beneficiary.
⇒ Consolidated filing.
Fulton is a wonderful CPA who fully understands tax law and provides honest advice for his clients.