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FATWA Questionnaire for clients legal entities Name of the client: ___ Tax number: ___ Please select one of the offered answers for each question: 1/ Does the legal entity possess any U.S. indication?YESNOYESNO3/

How to fill out foreign account tax compliance

How to fill out foreign account tax compliance

1. Determine if you meet the requirement to report foreign financial accounts based on your residency, citizenship, or the amount held in foreign accounts.
2. Collect all necessary information regarding your foreign financial accounts, including account numbers, balances, and contact information for financial institutions.
3. Fill out the appropriate form(s) for foreign account tax compliance, such as Form 8938 or FinCEN Form 114.
4. Ensure you accurately report all foreign account information on your tax return and any required forms.
5. Submit your completed forms and documentation to the appropriate tax authorities by the deadline.

Who needs foreign account tax compliance?

1. Individuals who are US citizens, resident aliens, or nonresident aliens with foreign financial accounts that meet the reporting requirements are required to comply with foreign account tax compliance.
2. Financial institutions, tax professionals, and any other entities that handle foreign account information on behalf of clients may also be subject to foreign account tax compliance regulations.

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What is foreign account tax compliance?

Foreign Account Tax Compliance Act (FATCA) is a US law that requires individuals to report their foreign financial accounts to the Internal Revenue Service (IRS).

Who is required to file foreign account tax compliance?

US citizens, resident aliens, and certain nonresident aliens with specified foreign financial assets over a certain threshold are required to file foreign account tax compliance.

How to fill out foreign account tax compliance?

Foreign account tax compliance must be filled out electronically through the FinCEN Form 114, also known as the FBAR (Foreign Bank Account Report).

What is the purpose of foreign account tax compliance?

The purpose of foreign account tax compliance is to combat tax evasion by ensuring that US taxpayers report their foreign financial accounts.

What information must be reported on foreign account tax compliance?

Information such as the maximum value of the account during the year, the account number, the name of the financial institution where the account is held, and the account holder's identifying information must be reported.