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What is s o f t?
S O F T stands for Statement of Foreign Assets.
Who is required to file s o f t?
U.S. citizens, resident aliens, and certain nonresident aliens who have an interest in foreign financial accounts and meet the reporting threshold are required to file S O F T.
How to fill out s o f t?
S O F T can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website.
What is the purpose of s o f t?
The purpose of S O F T is to report foreign financial accounts to the U.S. government in order to combat money laundering and tax evasion.
What information must be reported on s o f t?
S O F T requires the reporting of the maximum value of financial accounts held outside of the U.S. during the calendar year.
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