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Form 25b is used for reporting information related to the foreign bank and financial accounts.
Individuals or entities who have financial interest or signatory authority over foreign bank accounts exceeding $10,000 at any time during the year are required to file Form 25b.
Form 25b can be filled out electronically or manually by providing information about the foreign bank accounts, including the account details and the highest balance during the year.
The purpose of Form 25b is to report foreign bank and financial accounts to the IRS to ensure compliance with tax laws and regulations.
The form requires reporting information such as the account number, name of the financial institution, location of the account, and the maximum value of the account during the year.
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