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What is f a m i?
f a m i stands for Foreign Account Tax Compliance Act.
Who is required to file f a m i?
US citizens and residents, as well as certain foreign financial institutions and non-financial foreign entities, are required to file f a m i.
How to fill out f a m i?
f a m i can be filled out electronically through the IRS's online portal or by submitting paper forms to the IRS.
What is the purpose of f a m i?
The purpose of f a m i is to combat tax evasion by US persons who have foreign financial accounts.
What information must be reported on f a m i?
f a m i requires the reporting of information on foreign financial accounts, including the account holder's identity, account balance, and income generated by the account.
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