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IFC International Foreign Exchange and Currency Option Master Agreement Published as of June 1, 2005, by the Foreign Exchange Committee in association with the British Bankers Association, the Canadian
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IFXCO stands for Information Return for Foreign Currency Transactions. It is a form used to report certain foreign currency transactions to the IRS.
U.S. citizens, resident aliens, and certain nonresident aliens who engage in certain foreign currency transactions are required to file IFXCO.
IFXCO can be filled out electronically using tax preparation software approved by the IRS or by manually filling out the form and sending it to the IRS.
The purpose of IFXCO is to report foreign currency transactions to the IRS to ensure compliance with tax laws.
IFXCO requires reporting of the taxpayer's name, address, taxpayer identification number, the type of foreign currency transaction, the amount of the transaction, and other relevant details.
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