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S t e p 3 A l t i t u d e P a g e 34 STEP 3 ALTITUDE Target Marketing Attitude + Aptitude give your career Altitude! You cannot be anything you want to be, but you can be all that God created you

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What is STEP?

STEP stands for Statement of Specified Foreign Financial Assets. It is a form required by the IRS to report certain foreign financial assets.

Who is required to file STEP?

US taxpayers who meet the filing requirements for reporting specified foreign financial assets must file STEP.

How to fill out STEP?

STEP can be filled out electronically using the IRS's e-filing system or by paper form. Taxpayers must provide detailed information about their foreign financial assets.

What is the purpose of STEP?

The purpose of STEP is to help detect and prevent tax evasion by US taxpayers using foreign financial accounts.

What information must be reported on STEP?

Taxpayers must report details about their foreign bank accounts, brokerage accounts, and certain other financial assets.