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Rev. October 1, 2021FACTSWHAT DOES APC EMPLOYEES CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Why? Financial companies choose how they share your personal information. Federal law gives consumers
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What is facts what does apco?
Facts stands for Foreign Account Tax Compliance Act. It is a U.S. law aimed at combating tax evasion by U.S. persons holding accounts and other financial assets offshore. APCO stands for Authorized Payer Compliance Offshore.
Who is required to file facts what does apco?
Financial institutions, including banks, investment funds, and insurance companies, are required to report information on foreign account holders to comply with FACTS and APCO requirements.
How to fill out facts what does apco?
Financial institutions must collect and report information on foreign account holders, such as their identity, account balances, and financial activity.
What is the purpose of facts what does apco?
The purpose of FACTS and APCO is to improve tax compliance and prevent tax evasion by U.S. persons with foreign accounts.
What information must be reported on facts what does apco?
Financial institutions must report account holder information, account balances, and financial transactions to comply with FACTS and APCO requirements.
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