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NATIVITY OF SAINT JOHN THE BAPTIST JUNE 24, 2018ST. MICHAEL CATHOLIC CHURCHWOMAN CATHOLIC DIOCESE OF JOLIET IN ILLINOIS310 S. Wheaton Ave. Wheaton, IL 60187www.stmichaelcommunity.foremost Rev. R.
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What is frmax?
FRMAX stands for Foreign Account Tax Compliance Act (FATCA) Report Maximum. It is the maximum aggregate value of reportable accounts for the reporting period.
Who is required to file frmax?
Financial institutions that have reportable accounts under FATCA are required to file FRMAX.
How to fill out frmax?
FRMAX must be filled out electronically through the IRS FATCA Online Registration System.
What is the purpose of frmax?
The purpose of FRMAX is to report the maximum aggregate value of reportable accounts held by foreign financial institutions.
What information must be reported on frmax?
FRMAX must report the maximum aggregate value of reportable accounts, the name and identifying number of the financial institution, and any other required information under FATCA regulations.
What is the penalty for late filing of frmax?
The penalty for late filing of FRMAX can be up to $10,000 per year per violation, with additional penalties possible for willful neglect.
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