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What is 5 lan?

5 lan is a form used to report foreign bank and financial accounts, required by the Internal Revenue Service (IRS) in the United States.

Who is required to file 5 lan?

Any U.S. person who has a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year must file 5 lan.

How to fill out 5 lan?

5 lan can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website. It requires information about the account holder, the foreign financial institution, and details about the account itself.

What is the purpose of 5 lan?

The purpose of 5 lan is to prevent tax evasion by U.S. persons who have foreign financial accounts and to track money laundering activities.

What information must be reported on 5 lan?

Information such as the account holder's name, address, social security number, the name and address of the foreign financial institution, the type of account, and the maximum value of the account during the year must be reported on 5 lan.

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