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What is a f m i?
A f m i stands for Foreign Account Tax Compliance Act (FATCA) and it is a form used by foreign financial institutions to report information about financial accounts held by U.S. taxpayers to the Internal Revenue Service (IRS).
Who is required to file a f m i?
Foreign financial institutions are required to file a f m i if they have financial accounts held by U.S. taxpayers.
How to fill out a f m i?
A f m i can be filled out electronically through the IRS FATCA portal.
What is the purpose of a f m i?
The purpose of a f m i is to help the IRS identify U.S. taxpayers who may be using foreign accounts to evade taxes.
What information must be reported on a f m i?
Information such as the account holder's name, address, taxpayer identification number, account number, and account balance must be reported on a f m i.
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