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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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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.
Certain U.S. taxpayers with specified foreign financial assets that exceed certain thresholds are required to file Form 8938 to report those assets.
Form 8938 can be filled out electronically and submitted along with the taxpayer's annual tax return.
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.
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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