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Foreign Account Tax Compliance Act FATWA Metadata XML Schema v1.0 User Guide Publication 5188 (12015) Catalog Number 67384J Department of the Treasury Internal Revenue Service IRS.gov ii FATWA XML

How to fill out foreign account tax compliance

How to fill out foreign account tax compliance

1. Gather all necessary documents, such as your foreign financial account statements and income statements.
2. Review the latest IRS guidelines and instructions for filling out the Foreign Account Tax Compliance forms.
3. Fill out the relevant forms accurately and completely, providing all the required information.
4. Double-check your entries for any errors or omissions.
5. Attach any supporting documents required by the IRS, such as proof of income or foreign tax credits.
6. Submit the completed forms to the appropriate IRS address by the specified deadline.
7. Keep a copy of the filled-out forms and supporting documents for your records.

Who needs foreign account tax compliance?

1. Any US citizen or resident alien who has foreign financial accounts exceeding certain thresholds needs foreign account tax compliance.
2. US citizens living abroad, foreign citizens living in the US, and individuals with dual citizenship are also subject to foreign account tax compliance.
3. Financial institutions and businesses that engage in cross-border financial transactions may also require foreign account tax compliance.

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What is foreign account tax compliance?

Foreign Account Tax Compliance Act (FATCA) is a law requiring foreign financial institutions to report information about accounts held by US taxpayers or foreign entities with substantial US ownership to the IRS.

Who is required to file foreign account tax compliance?

US taxpayers with specified foreign financial assets that exceed certain thresholds must file Form 8938 to report those assets to the IRS.

How to fill out foreign account tax compliance?

Taxpayers can fill out Form 8938 by providing the required information about their specified foreign financial assets, including the maximum value of each asset during the tax year.

What is the purpose of foreign account tax compliance?

The purpose of foreign account tax compliance is to ensure that US taxpayers accurately report their foreign financial assets and comply with US tax laws, to prevent tax evasion.

What information must be reported on foreign account tax compliance?

Taxpayers must report the maximum value of specified foreign financial assets, the type of assets held, and the income generated from those assets on Form 8938.