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What is cms 116 cms?
CMS 116 CMS is a form used to report information related to foreign bank accounts held by US taxpayers.
Who is required to file cms 116 cms?
US taxpayers who have foreign bank accounts with an aggregate value exceeding $10,000 at any time during the year are required to file CMS 116 CMS.
How to fill out cms 116 cms?
CMS 116 CMS can be filled out electronically through the Financial Crimes Enforcement Network's BSA E-Filing System.
What is the purpose of cms 116 cms?
The purpose of CMS 116 CMS is to report foreign bank account information to the US government in order to prevent tax evasion and money laundering.
What information must be reported on cms 116 cms?
CMS 116 CMS requires the taxpayer to report the account number, the name of the financial institution, the maximum value of the account during the year, and other relevant details.
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