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TOWN OF FRANKLIN RESOLUTION NO.:2004APPROPRIATION:OPEN TRUST FUNDS TRANSFERAL REQUESTED:$348,000PURPOSE: Continued Funding of OPEN Trust Fund Per Town Policy TRANSFER TO:REASONSOURCEAMOUNTOPEB Trust

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What is f r a n?

FRAN stands for Foreign Account Tax Compliance Act (FATCA) Reporting.

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Financial institutions, including banks, investment firms, and insurers, are required to file FRAN.

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FRAN is typically filled out electronically through the IRS website or through specialized software.

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The purpose of FRAN is to prevent tax evasion by U.S. taxpayers using offshore accounts.

What information must be reported on f r a n?

FRAN requires reporting on foreign financial accounts held by U.S. taxpayers, including the account balance and income generated.

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