Hacker News Reader

> smaller entities simply can’t be bothered with the paperwork the US demands on accounts for “US Persons”

That only counts for companies with operations in the US. My wife is a US citizen, and my bank - a medium-sized Danish bank - did not care, because they don't operate any business in the US, so they do not need to provide any paperwork for her to US authorities.

View on HN

Not an attorney, not a tax attorney, not your attorney, but US persons are required to report bank accounts they hold globally under both FBAR and FATCA, and signatory authority on business accounts is also a thing. Additionally, controlled foreign corporations are a thing for US people.

I'm also not a lawyer or CPA, but I believe if a US person is a partial owner in a foreign corporation, the company is required to do their accounting by GAAP standards. So, if the company is in a country that follows IFRS standards, it would have to do their books twice.

Reply on news.ycombinator.com