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1 F A M I L Y S U P P O R T N E W S May 2009 Spring is in the Air!!! Beaver brook STEP, Inc. 125 Walnut Street Watertown, MA 02472 (617) 9261113 May 2009 www.beaverbrookstep.org Dear Beaver brook
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F A M I stands for Foreign Account Tax Compliance Act (FATCA), a US law that requires foreign financial institutions to report information about accounts held by US taxpayers.
Foreign financial institutions are required to file F A M I.
F A M I must be filled out electronically through the IRS FATCA Registration System.
The purpose of F A M I is to prevent tax evasion by US taxpayers using foreign accounts.
Information such as account balances, income, and account holder details must be reported on F A M I.
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