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DOCUMENT RESUME ED 114 517 AUTHOR TITLEINSTITUTION SONS AGENCY REPORT NO PUB DATE OTHERS PRICE DESCRIPTORS CE 005 307 Foster, Brian; And Others Accounting Clerk Guide, Learner PacketPart I. A Spec
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{"answer":"ED 114 517 is a form used for reporting foreign bank accounts to the Internal Revenue Service (IRS) in the United States."}
{"answer":"Any U.S. person or entity who has a financial interest in or signature authority over one or more foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file ED 114 517."}
{"answer":"ED 114 517 can be filled out electronically through the FinCEN BSA E-Filing System. The form requires information about the account holder, the foreign financial institution, and details about the account itself."}
{"answer":"The purpose of ED 114 517 is to gather information about foreign bank accounts held by U.S. persons or entities in order to prevent tax evasion and money laundering."}
{"answer":"Information such as the account holder's name, address, account number, type of account, and maximum value of the account during the reporting period must be reported on ED 114 517."}
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