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What is f a m i?
f a m i stands for Foreign Account Tax Compliance Act.
Who is required to file f a m i?
US taxpayers with specified foreign financial assets may be required to file f a m i.
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f a m i can be filled out electronically using the IRS's online system.
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The purpose of f a m i is to combat tax evasion by US persons holding investments in offshore accounts.
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Details of foreign financial assets such as bank accounts, securities, and other investments must be reported on f a m i.
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