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The 5th Annual STEP Pacific Rim Conference Shutters on the Beach Hotel, Santa Monica, Mathis conference is cosponsored by Steps Los Angeles and Seattle branches, and San Diego Chapter. Multiple question
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Form 5th annual step is a report that individuals fill out to disclose certain financial assets held outside of the United States.
Any U.S. citizen or resident alien who has a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file form 5th annual step.
Form 5th annual step can be filled out electronically and submitted online through the Financial Crimes Enforcement Network (FinCEN) website.
The purpose of form 5th annual step is to help the U.S. government identify individuals who may be evading taxes by holding assets in foreign accounts.
Information such as the name and address of the foreign financial institution where the account is held, the account number, and the maximum value of the account during the calendar year must be reported on form 5th annual step.
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