Any U.S. person who has a financial interest in or signature or other authority over, any foreign financial accounts, including bank, securities, or other types of financial accounts in a foreign country, if the aggregate value of the financial accounts exceeds $10,000 at any time during the calendar year, must report that relationship each calendar year by filing this report with the
Department of the Treasury on or before June 30 of the succeeding year.
According to the new instructions, "The term 'United States person' means a citizen or resident of the United States, or a person in and doing business in the United States." As defined in US Code, a United States person includes:
An individual, a corporation, a partnership, a trust or estate, a joint stock company, an association, a syndicate, joint venture, or other unincorporated organization or group, an Indian Tribe...and all entities cognizable as legal personalities.
Consequently, tax-exempt or nonprofit corporations, associations, trusts and their officers, directors and trustees may be required to file this form if the organization holds a financial account in a foreign country.
The new Form TD F 90-22.1 must be used for all filings beginning January 1, 2009.