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What is f a y e?
Faye stands for Foreign Account Tax Compliance Act (FATCA) and f a y e refers to the reporting form that certain U.S. taxpayers must file with the IRS to report their foreign financial assets.
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U.S. citizens, resident aliens, and certain non-resident aliens who have foreign financial assets over a certain threshold are required to file f a y e.
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F a y e can be filled out electronically through the IRS website or by mail using Form 8938. Taxpayers must provide detailed information about their foreign financial assets.
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The purpose of f a y e is to combat tax evasion by U.S. taxpayers using foreign accounts and assets. It allows the IRS to monitor and track assets held outside the United States.
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Taxpayers must report information about their foreign bank accounts, financial accounts, and other specified foreign financial assets, including the maximum value during the tax year.
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