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F a c t Boo k 2002 2 0 0 3 Office of Institutional Effectiveness Dr. Baba Adam, AVP for Institutional Effectiveness and ACC Executive Team Annette Grand, Web Development Specialist Nancy Djokovic,
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What is f a c t?
The acronym FACT stands for Foreign Account Tax Compliance Act.
Who is required to file f a c t?
Financial institutions, including banks, insurance companies, and investment funds, are required to file FACT.
How to fill out f a c t?
To fill out FACT, financial institutions need to collect information about their account holders and report it to the Internal Revenue Service (IRS). This includes gathering details such as names, addresses, and account balances.
What is the purpose of f a c t?
The purpose of FACT is to combat tax evasion by U.S. citizens who hold offshore accounts. It aims to ensure that these individuals are properly reporting their foreign financial assets and income.
What information must be reported on f a c t?
The information reported on FACT includes details about the account holder, such as their name, address, and taxpayer identification number (TIN). Additionally, financial institutions must disclose the account balance and income related to the foreign account.
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