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2023 2024Federal WorkStudyStudent / Supervisor HandbookTABLE OF Contestable of Contents2 Introduction ................................................................................................................
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f e d stands for Foreign Bank Account Report (FBAR), which is a report required by the IRS to report foreign financial accounts held by U.S persons.
U.S. persons including citizens, residents, and entities that have a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds are required to file FBAR.
f e d can be filled out electronically using the FinCEN Report 114 form available on the official FinCEN website.
The purpose of f e d is to combat money laundering, tax evasion, and other financial crimes by providing transparency regarding foreign financial accounts held by U.S. persons.
f e d requires reporting of the account holder's information, account number, name and address of the foreign financial institution, and the maximum account value during the reporting period.
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