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Te n a c i t y1Employability Skills Curriculum Introduction: Poise, Initiative and Tenacity UNIT 1Table of Contents Unit 1 Introduction: Poise, Initiative and Tenacity. . . . . . . . . . . . . . .
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What is te n a c?
The term 'te n a c' stands for Treasury Form FinCEN Report 105 (FBAR), which is used to report foreign financial accounts to the US government.
Who is required to file te n a c?
Any US person, including citizens, residents, and entities, who have a financial interest in or signatory authority over foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year, is required to file the FBAR.
How to fill out te n a c?
The FBAR can be filed electronically through the FinCEN BSA E-Filing System. The form requires information about the account holder, the financial institution where the account is held, and details about the account itself.
What is the purpose of te n a c?
The purpose of the FBAR is to combat tax evasion and money laundering by providing the US government with information about foreign financial accounts held by US persons.
What information must be reported on te n a c?
The FBAR requires reporting the maximum value of each foreign financial account during the calendar year, the account number, the name and address of the financial institution where the account is held, and other relevant details.
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