How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13152
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

im a portuguese citizen non resident in us owing 2 corporations

This answer was rated:

im a portuguese citizen non resident in us owing 2 corporations in delaware
do i need to file a FBAR for myself and for the corporations

Robin D :

Hello and thank you for using Just Answer,
The FBAR is for US persons that have accounts in foreign countries with at least $10,000 in the account on any day in the year.
You personally are not subject to the US FBAR filing rules. But, United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.

Robin D :

Your US corporation would be subject to all US tax rules for reporting.

Robin D. and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Does a BVI ( British Virgin Isles ) Corporation needs to file a U.S. corporate Income Tax Return as a non-U.S. corporation with no U.S. office or place of business in USA ?

In case of YES what is the deadline ?

If the corporation is not owned by a US person (more then 50%) an the corporation is not registered in the US or any of the US states) then it would have no tax requirement for US purposes .
A US entity may have to file a form 5471. The filing requirements for Form 5471 relate to persons who have a certain level of control in certain foreign corporations.
U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations are responsible for filing the 5471.
If the foreign corporation is not engaged in business in the US and had no US sourced income it would not be required to file any US tax forms.

Related Tax Questions