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WHAT IS THE FAT? You may have recognized some limitations with the traditional multiple choice testing system. While the traditional system broadly assesses students level of understanding, it does
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The form if-at is used to report foreign account balances and transactions to the IRS.
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 is required to file form if-at.
The form if-at can be filled out electronically or by paper. It requires information such as account numbers, maximum value during the year, and details of financial institutions.
The purpose of form if-at is to prevent tax evasion by U.S. persons using offshore accounts.
Information such as account numbers, maximum value during the year, and details of financial institutions must be reported on form if-at.
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