UBS accounts

[Pacun]

Let's say that a U.S. Citizen living in the U.S. opens a UBS account with 80K. The bank invest that most of that money in foreign countries. Is the client required to file FBAR and all that good stuff?

How about if you have a $1,000,0000.00 401k in fidelity all over the world?

[ILLMAS]

Check this out

http://www.irs.gov/uac/Offshore-Tax-Avoidance-and-IRS-Compliance-Efforts

[jklcpa]

Let's say that a U.S. Citizen living in the U.S. opens a UBS account with 80K. The bank invest that most of that money in foreign countries. Is the client required to file FBAR and all that good stuff?

How about if you have a $1,000,0000.00 401k in fidelity all over the world?

The exceptions to the FBAR reporting requirement include IRA owners and beneficiaries, and participants and beneficiaries of tax-qualified plans.

About your first question, you'd have to look at the investments in the account. I have a client's records in right now that includes a small portfolio of about $20K with UBS. All of the investments in my client's account are mutual funds here in the U.S. and the UBS bank account linked with this account is UBS Bank USA. UBS Bank USA is a U.S. Bank from Utah.

[Catherine]

Not just the investments, but also if they are held in "street name" in the account. That means the brokerage hose holds the securities FOR the client -- and the client does business with the US-based brokerage house. Holding $20K worth of shares in, say, Royal Dutch Shell, via street name through Pershing or First Clearing, is NOT the same as having $20K in a bank on the other side of the pond.