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DISCUSSION DRAFT DATE. R. 116TH CONGRESS 1ST Session, and for other purposes.IN THE HOUSE OF REPRESENTATIVES introduced the following bill; which was referred to the Committee on A BILL To, and for

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What is r e p o?

r e p o stands for Report of Foreign Bank and Financial Accounts. It is a form required by the U.S. Department of the Treasury to report foreign financial accounts.

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U.S. persons, including citizens, resident aliens, and entities, that have a financial interest in or signature authority over foreign financial accounts.

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The form is typically filed electronically through the Financial Crimes Enforcement Network (FinCEN) website or submitted by mail.

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The purpose of r e p o is to combat tax evasion by ensuring that U.S. persons report their foreign financial accounts to the government.

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Information such as the account holder's information, account numbers, name and address of foreign financial institution, and the maximum value of the account during the year.