New TDF reporting requirements

[A tax man]

I did a quick search, couldn't find anything discussed on this topic.

The Department of Treasury released a new TDF form which applies to any TDF form filed after Jan 1, 2009. The form asks for more information (full address of non-US bank plus more exact highest balance in the account in the year. There are other changes:

IRS Jan 22-09 website
http://www.irs.gov/businesses/small/art ... 49,00.html

A good summary from Meyers Norris Penny
http://www.mnp.ca/04library/IRS-Increas ... counts.php


My question is this:

US persons are required to file the form. The instructions to the Oct 2008 form define US person to "includes a citizen or resident of the United States, or a person in and doing business in the United States."

The latter phrase is new. "A person in and doing business in the US". Any thoughts on how far this reaches? Examples:

- Would a Canadian resident NRA that has a US rental property be considered a US person under this definition?

- Would a Canadian resident NRA holding an interest in a US limited partnership be considered a US person under this definition?

If so, what accounts are they including in the TDF form?

- Just the non-US accounts that relate to this US real property (A US$ bank account at a Canadian bank) OR
- all non-US accounts (RRSPs, checking, etc that have no relation to the US real property)