Does a non-US person who owns a US LLC with a bank account automatically becomes a US person?

Discussion in 'Taxes and Accounting' started by Daal, Jul 22, 2015.

  1. Daal

    Daal

    I'm referring to non-US citizens or residents who open a US LLC or corporation with a US bank account. Do they automatically become a "US person" to the IRS?
     
  2. xandman

    xandman

    Nope. But a guy walking across the Rio Grande does. I love this country!

    First thing you have to do for any financial institution to recognize you as an entity, whether person or company, is a TIN (Tax identification number). You will find requirements and directions at the IRS website.

    Or, you can check out the HSBC bank branch in Chinatown NY.
     
  3. aqtrader

    aqtrader

  4. I don't know, however there are accountants who specialize in trading. I'm sure you could get a thorough answer from someone like Michael Green. I think his web site is something like greentradertax.com
     
  5. Professional advice beats telling the auditer "But some guy on the internet named luvs2spooze told me this was legal." :)
     
  6. Daal

    Daal

    I'm not really concerned about taxes but rather about the reporting requirements that US persons have under FATCA
     
  7. xandman

    xandman

    I have a high degree of confidence in the IRS to readily provide the information you seek. Unlike other professional fields and other taxing countries, the U.S. IRS provides a "manual" for its practitioners.

    Armed with that information, you should know enough whether you are ready to pony up a lawyer or accountants' initial consultation fee which is an eventuality.

    It's not like you skip Go, collect $200 and advanced to Reading Railroad. Tread carefully.
     
  8. You are kidding, right? After the Louis Lerner scandal, how could anyone definitely make ANY statement at all about the IRS?

    Look, when a society ages and becomes corrupt, corruption, like sewage, seeps into every corner of society, politics, business, media, you name it. Our society is corrupt, utterly, cancer in every bone in your body corrupt. You can preach to me about your confidence in the IRS and the government until you are blue in the face, I won't even argue with that foolishness.
     
  9. xandman

    xandman

    30 posts on your first day?

    LoL. Who the heck are you? Did you realize that this is a trading site and all the discussions are about trading and financial topics.

    Go vent your commie, anti-government vile on the yahoo message boards. Or maybe, post a random comment on some blog that isn't really part of a community of people with a similar focus...like trading.

    Holy crap, the internet really does prevent people from self-censorship. I would guess that in public, you are a quiet, self-effacing person who just needs to blow up from all your mental masturbation.

    And please, don't make your over aggressive tone as your basis of a superior argument. That is the downfall of Western society and a product of watching too many late night talk shows with cynical and shallow content.
     
    Last edited: Jul 23, 2015
  10. Aren't we just a little touchy in our defense of the IRS? Ok, Commissioner, I didn't know this was your personal blog to sing the glories of the federal government as they destroy your markets (this site does concern itself with markets, right hot shot?) and very currency.

    "Go vent your commie, anti-government vile on the yahoo message boards. "

    If your understanding of the law and the Constitution is so shallow that anyone who challenges how it's being circumvented is being a Commie (you might want to capitalize that) or a vile anti-government person, then you are showing your ignorance and the fact that you've been programmed to parrot back that it's ok to subvert our laws, our system, and our culture.

    If you want to be ignorant, that's ok, but don't lionize the IRS and then cop and attitude with me boy, because I can assure you, I know better.

    "30 posts on your first day?"

    Once again, your facts are wrong. That number must be TOTAL comments. Come down off those stilettos, take a deep breath, and act like a man. Tell us, do you have a deep seated respect for the IRS? I don't, live with it.
     
    #10     Jul 23, 2015