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What is 1st annual stsi?
The 1st annual Statement of Specified Foreign Financial Assets (SSTI) is a report that US persons with foreign financial assets exceeding certain thresholds must file with the IRS.
Who is required to file 1st annual stsi?
US persons, including individuals and certain entities, that have foreign financial assets exceeding the reporting thresholds are required to file the 1st annual SSTI.
How to fill out 1st annual stsi?
The 1st annual SSTI can be filled out electronically using Form 8938 on the IRS website or by paper and mailed to the IRS.
What is the purpose of 1st annual stsi?
The purpose of the 1st annual SSTI is to report foreign financial assets held by US persons to help prevent tax evasion and enforce compliance with reporting requirements.
What information must be reported on 1st annual stsi?
US persons must report the type and value of their foreign financial assets, as well as any income earned from those assets.
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