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What is fr og me nsta?
Fr og me nsta stands for Foreign Account Tax Compliance Act.
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Certain foreign financial institutions and non-financial foreign entities are required to file Fr og me nsta.
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The purpose of Fr og me nsta is to combat tax evasion by U.S. persons holding assets in foreign accounts.
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Fr og me nsta requires reporting on foreign financial accounts held by U.S. taxpayers, including the account balance and income generated.
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