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Next Generation Learning and the Innovation Imperative Josh Jarrett, Senior Program Officer September 10th, 2010 Source: Seattle Times, Tuesday, January 26, 2010, My frame of reference 9 years in
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fldlc stands for Foreign Financial Institution (FFI) and Non-Financial Foreign Entity (NFFE) Levy Compliance. It is a reporting requirement for foreign financial institutions and non-financial foreign entities to provide information on reportable accounts and entities with substantial U.S. owner interests.
Foreign financial institutions and non-financial foreign entities are required to file fldlc if they have reportable accounts or substantial U.S. owner interests, respectively.
To fill out fldlc, foreign financial institutions and non-financial foreign entities need to collect and report information required by the Internal Revenue Service (IRS) on reportable accounts and substantial U.S. owner interests. This information includes account holder details, financial information, and U.S. owner information.
The purpose of fldlc is to ensure compliance with U.S. tax laws and prevent the potential use of foreign financial institutions and non-financial foreign entities for tax evasion and money laundering by U.S. taxpayers.
The information required to be reported on fldlc includes account holder details (name, address, identification number), financial information (account balances, gross proceeds, withdrawals), and U.S. owner information (name, address, identification number).
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