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BOROUGH OF BRIDGEABLE Agenda Monthly Meeting of Borough Council October 12, 2020 7:00 pm via www.Zoom.us Meeting ID: 7328600080 / Password: 032445 Borough Building, Council Chambers, 425 Bower Hill

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What is oct 20 reports?

The Oct 20 reports refer to the reports that must be filed with the Internal Revenue Service (IRS) by certain taxpayers regarding foreign bank and financial accounts and other related financial information.

Who is required to file oct 20 reports?

Individuals and entities that have a financial interest in, or signature authority over, foreign financial accounts that exceed certain threshold amounts must file Oct 20 reports.

How to fill out oct 20 reports?

To fill out Oct 20 reports, taxpayers must provide detailed information about their foreign financial accounts, including the account number, the name and address of the foreign bank, and the maximum balance during the reporting period.

What is the purpose of oct 20 reports?

The purpose of Oct 20 reports is to ensure compliance with U.S. tax laws and to prevent tax evasion by reporting foreign financial accounts and income associated with them.

What information must be reported on oct 20 reports?

The information that must be reported includes the taxpayer's identifying information, details about each foreign account, including account numbers, foreign institutions' names and addresses, and the highest balance in the account during the year.

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