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F an i t h E v a gel i c an l u t h era n Ch u r ch E L C A WEEK AT FAITH Sunday, March 9, 2013 Daylight Savings Begins 8:00 AM Worship 9:00 AM Worship×Education 10:30 AM Worship×Education Monday,
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FAIT stands for Foreign Account Information Tax and it is a form used by taxpayers to report their foreign financial accounts.
US taxpayers who have foreign financial accounts with a total value exceeding $10,000 at any time during the year are required to file FAIT.
FAIT can be filled out online through the IRS website or by mail using Form 114.
The purpose of FAIT is to report foreign financial accounts and help prevent tax evasion.
Taxpayers must report the maximum value of their foreign financial account(s) during the year, as well as other relevant information such as the account number and country where the account is held.
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