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, AMERICA IN THE FIFTIES: USING PRIMARY SOURCES TO EXPLORE AN ERA Grade Level: 8th Presented by: Sonny Potash, representing Burbank Middle School, Boulder, CO Length of Unit: Approximately three weeks
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America in form fifties refers to the reporting of financial accounts held by American taxpayers outside of the United States.
American taxpayers who have financial accounts outside of the United States with an aggregate balance exceeding $50,000 are required to file America in form fifties.
America in form fifties can be filled out online through the IRS website or submitted through mail. Taxpayers must provide information about their foreign financial accounts, including the maximum value during the year.
The purpose of America in form fifties is to prevent tax evasion by ensuring that American taxpayers report their foreign financial accounts and comply with tax laws.
Taxpayers must report the maximum value of each foreign financial account during the year, as well as information about the account holder and the financial institution where the account is held.
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