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Form 1391: Frequently Asked Questions Q: What is the FHA 1391? A: The FHA 1391 is snapshot of your workforce and work opportunities in the month of July. The form collects demographic data on employees
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Form 1391 is a document that must be filed by taxpayers who have foreign financial accounts that meet the reporting requirements set by the IRS.
Any individual or entity that has a financial interest in, or signature authority over, foreign financial accounts with an aggregate value exceeding $10,000 at any time during the calendar year is required to file form 1391.
Form 1391 can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing System. Taxpayers must provide their personal information, details of their foreign financial accounts, and other relevant information as requested.
The purpose of form 1391 is to collect information about foreign financial accounts held by U.S. taxpayers and to help detect and prevent tax evasion, money laundering, and other financial crimes.
Taxpayers must report their personal information, details of their foreign financial accounts including the account number, name of the financial institution, and maximum value of the account during the reporting period.
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