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V A C A T I O N A G R E E M E NT DATED APRIL 29. 1949
As amended August 17, 1954,
January 18, 1961,
November 17, 1964,
June 22, 1967BROTHERHOOD OF LOCOMOTIVE ENGINEERSSECTION1×a)
Effective January
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What is v a c a?
v a c a stands for the Foreign Account Tax Compliance Act, which is a United States federal law requiring foreign financial institutions to report to the IRS information about financial accounts held by U.S. taxpayers.
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Certain U.S. taxpayers with specified foreign financial assets that exceed certain thresholds are required to file Form 8938 to report those assets.
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Form 8938 can be filled out electronically and submitted along with the taxpayer's annual tax return.
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The purpose of v a c a is to combat offshore tax evasion by providing the IRS with information about foreign financial accounts held by U.S. taxpayers.
What information must be reported on v a c a?
On Form 8938, taxpayers must report information about their specified foreign financial assets, including the maximum value of each asset during the tax year.
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