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2016 first Indore SALE TEP F A f t U S 1 Official dates, corrections, ND clarifications U C a C Final December 1, 016 D 3 2 Despite your est efforts, errors occur during vision. Visit addresses content
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FAFT stands for Foreign Account Tax Compliance Act, which is a United States law requiring foreign financial institutions to report on the holdings of US taxpayers to the Internal Revenue Service (IRS).
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Foreign financial institutions are required to file FAFT in order to comply with the law and report on the holdings of US taxpayers.
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FAFT reporting can be done electronically through the IRS FATCA registration system.
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The purpose of FAFT is to combat tax evasion by US taxpayers using foreign accounts.
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FAFT requires reporting on the account balance, income, and withdrawals of US taxpayers.
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