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NEWSLETTER UGS FFA N H VOLUME 3 ISSUE 1 JANUARY 2011 HUGS FOSTER FAMILY AGENCY STAFF Terra Manor, Inc. Chief Executive Officer Steve Schooner Chief Financial Officer Greg Wood 27525 Enterprise Circle
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What is hugs ffa?
Hugs ffa stands for the Foreign Account Tax Compliance Act (FFA), which aims to prevent tax evasion by US taxpayers using foreign accounts.
Who is required to file hugs ffa?
Financial institutions and certain non-financial foreign entities are required to file hugs ffa.
How to fill out hugs ffa?
Hugs ffa can be filled out electronically through the IRS's online portal.
What is the purpose of hugs ffa?
The purpose of hugs ffa is to increase transparency and compliance regarding foreign accounts held by US taxpayers.
What information must be reported on hugs ffa?
Hugs ffa requires reporting information on foreign accounts, including the account holder's name, address, and account balance.
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