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F 1 — IIS 2, 1 SI10 t F FFN Ni N015-151150 Return of OrganizationrExgmpt From Income Tax O B FW private foundation) EZ Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except
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What is f 1?
F 1 is a form used by taxpayers who have foreign financial accounts to report their foreign financial assets to the IRS.
Who is required to file f 1?
Individuals who have foreign financial accounts or meet the reporting threshold for foreign financial assets are required to file f 1.
How to fill out f 1?
F 1 can be filled out electronically using the FinCEN Form 114 online system.
What is the purpose of f 1?
The purpose of f 1 is to report foreign financial accounts and assets to the IRS in order to prevent tax evasion.
What information must be reported on f 1?
Information such as the maximum value of the foreign financial accounts during the year, the type of account, and the account number must be reported on f 1.
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