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3/2012 FACTS WHAT DOES ACURA OF CONCORD DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit
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What is f a c t?
FACT stands for Foreign Account Tax Compliance Act, which is a U.S. law aimed at combating tax evasion by U.S. persons holding financial accounts outside the United States.
Who is required to file f a c t?
U.S. taxpayers, including individuals, entities, and financial institutions, are required to comply with FACT reporting requirements.
How to fill out f a c t?
FACT reporting is typically done electronically through the IRS's online portal. It involves providing information about foreign financial accounts held by U.S. taxpayers.
What is the purpose of f a c t?
The purpose of FACT is to prevent tax evasion by U.S. persons using offshore accounts to hide assets and income from the IRS.
What information must be reported on f a c t?
Information that must be reported on FACT includes details of foreign financial accounts, including the account holder's name, account number, and maximum value during the reporting period.
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