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SANTA CRUZ LOCAL AGENCY FORMATION COMMISSION
RESOLUTION NO. 950
On the motion of Commissioner
Duly seconded by Commissioner
The following resolution is adopted:
MAKING DETERMINATIONS AND ORDERING
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What is 950 res?
950 res is a form used to report specified foreign financial assets to the IRS.
Who is required to file 950 res?
US persons who have specified foreign financial assets that exceed certain thresholds are required to file 950 res.
How to fill out 950 res?
950 res can be filled out electronically using the e-file system or by mailing in a paper form to the IRS.
What is the purpose of 950 res?
The purpose of 950 res is to report specified foreign financial assets to the IRS in order to comply with tax laws and prevent tax evasion.
What information must be reported on 950 res?
Information such as the type of asset, its maximum value during the year, and information about the financial institution holding the asset must be reported on 950 res.
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