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Unofficial Draft Copy 67th Legislature LC 11561___ BILL NO. ___2INTRODUCED BY ___ (Primary Sponsor)3 4A BILL FOR AN ACT ENTITLED: AN ACT REVISING THE ITEMIZED DEDUCTION FOR MEDICAL5EXPENSES FOR INCOME
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What is lc 1156?
LC 1156 is a form used to report foreign financial accounts.
Who is required to file lc 1156?
US persons who have a financial interest in or signature authority over one or more foreign financial accounts exceeding certain thresholds.
How to fill out lc 1156?
LC 1156 can be filled out electronically through the Financial Crimes Enforcement Network (FinCEN) website.
What is the purpose of lc 1156?
The purpose of LC 1156 is to detect and deter tax evasion by US persons using foreign accounts.
What information must be reported on lc 1156?
Information such as the maximum value of the account during the reporting period, the name and address of the foreign financial institution where the account is held, and the account number.
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