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W E AR CO E C T M E N T O F N F I A For official use only, 20 Last name If a joint return, spouses first name and initial N A, 2015, ending Your first name and initial Last name See separate instructions
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HOFT stands for Report of Foreign Bank and Financial Accounts, which is a form used by U.S. persons to report their foreign financial accounts to the IRS.
U.S. persons, including citizens, residents, and entities, who have a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, are required to file HOFT.
HOFT can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System.
The purpose of HOFT is to combat tax evasion by providing the IRS with information about foreign financial accounts held by U.S. persons.
HOFT requires the reporting of the account holder's personal information, the details of the foreign financial accounts, and any financial institution where the account is held.
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