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FIRST UNITED METHODIST CHURCH THE BELL 1 Gilligan Road, East Green bush, New York 120611780 VOLUME 17, ISSUE 8 SEPTEMBER 2015 Dear Members and Friends, Greetings. As we wind down a very hot and humid
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f u m c stands for 'Foreign Account Tax Compliance Act'. It is a United States legislation that aims to prevent tax evasion by US taxpayers using foreign accounts.
US taxpayers who hold foreign financial assets or accounts exceeding certain thresholds are required to file f u m c.
f u m c can be filled out online through the Internal Revenue Service (IRS) website or by using specific forms provided by the IRS.
The purpose of f u m c is to increase transparency and compliance with US tax laws regarding foreign financial assets.
f u m c requires reporting of foreign financial assets, such as bank accounts, investments, and foreign trusts.
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