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F AC U LT OH AN D B OK Faculty Handbook for Effective Instruction Central Campus, Service Area, and Continental U.S.2017 2018Table of Contents Message from the Chancellor...........................................................................................................4
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What is f ac u lt?
FACULT stands for Foreign Account Compliance and Taxation. It is a form used by individuals and entities to report foreign financial accounts.
Who is required to file f ac u lt?
Any U.S. person, which includes citizens, residents, and certain entities, with foreign financial accounts exceeding a certain threshold must file FACULT.
How to fill out f ac u lt?
To fill out FACULT, you need to provide information about your foreign financial accounts, including the maximum value during the year, account numbers, and the foreign financial institution's details.
What is the purpose of f ac u lt?
The purpose of FACULT is to help the government track and tax income kept in foreign financial accounts by U.S. taxpayers.
What information must be reported on f ac u lt?
On FACULT, you must report the maximum value of each foreign financial account during the year, the account number, the name and address of the financial institution, and other identifying information.
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