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F OR N EY IS D E LE M E TNA RY S t u de n t H an n db o k 20 0 7 20 0 8 i F O R N E Y I N D E P E N D E N T S C H O O L D I S T R I C T TABLE OF CONTENTS School Hours .......................................................................................................................1
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Who Needs F or N ey:
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Individuals or businesses who have financial transactions with foreign entities or non-residents may need to fill out F or N ey forms. These forms help to monitor and report financial activities involving foreign sources.
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What is f or n ey?
F or n ey stands for Foreign Account Tax Compliance Act (FATCA), which requires certain individuals to report their foreign financial accounts to the IRS.
Who is required to file f or n ey?
U.S. citizens, resident aliens, and certain non-resident aliens who have foreign financial accounts exceeding specific thresholds are required to file FATCA.
How to fill out f or n ey?
FATCA form, also known as Form 8938, can be filled out and submitted electronically through the IRS website.
What is the purpose of f or n ey?
The purpose of FATCA is to prevent tax evasion by U.S. taxpayers using foreign accounts and assets.
What information must be reported on f or n ey?
FATCA requires reporting on the maximum value of specified foreign financial assets, as well as income generated from these assets.
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