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January 2018 Issue 131FA R HER S R EG IS T R AT I ON CO UN C Bulletin E G U L AT I N G T H E PR O F E S SI O N O F F A R R I ER Congratulations to Doug Bradbury BE FSCF New Years Honors List 2018
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What is fa r r i?
FARFAR is an abbreviation for Foreign Account Tax Compliance Act.
Who is required to file fa r r i?
U.S. taxpayers with foreign financial accounts exceeding certain thresholds are required to file FARFAR.
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FARFAR can be filled out electronically through the IRS website or by mailing in a paper form.
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The purpose of FARFAR is to combat tax evasion by U.S. taxpayers using foreign accounts.
What information must be reported on fa r r i?
Information such as the account holder's name, account number, financial institution, and maximum account balance must be reported on FARFAR.
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