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KENTON COUNTY PLANNING COMMISSION REGULAR MEETING Minutes Mr. Carpel, Chair, called the meeting to order at 6:15 PM on Thursday, February 3, 2011, and opened the proceedings with the Pledge of Allegiance
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F M A M stands for Foreign Account Tax Compliance Act (FATCA) and is a United States federal law requiring all foreign financial institutions to report account information of US citizens.
Foreign financial institutions are required to file F M A M.
Filling out F M A M involves providing detailed information about foreign financial accounts held by US citizens.
The purpose of F M A M is to combat tax evasion by requiring foreign financial institutions to report information about accounts held by US citizens.
F M A M requires reporting of account balances, interest, dividends, and other income.
The deadline to file F M A M in 2024 is June 30.
The penalty for late filing of F M A M can range from $10,000 to $50,000 depending on the circumstances.
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