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I am a US citizen (born in California to European parents)

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and live in the USA...
I am a US citizen (born in California to European parents) and live in the USA. I am aware of FACT reporting requirments of any German accounts that I have ( and am compliant). My question: if my now nearly 90 year old parents want to give me power of attorney to manage their affairs in Germany, do I need to report that under FACTA?
JA: The accountant will know how to help. Is there anything else important you think the accountant should know?
Customer: At this point, my parents just want to appoint as their power of attorney over their financial affairs. I would not yet begin actually managing their financial affairs at this point (they are still capable).
Submitted: 1 year ago.Category: Tax
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Answered in 1 minute by:
11/8/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,338
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. If you have control over the account (signing authority) you need to disclose the account.

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Customer reply replied 1 year ago
Does this apply to the point in time at which my parents sign the bank documents for me to have power of attorney or to the point in time when I actually start to represent them?
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

This would apply when you sign the bank documents for you to have power of attorney.

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Mark Taylor
Mark Taylor
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Category: Tax
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