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MdGld nrk;gthqSEMBAWANG TOWN COUNCIL DECEMBER 2019 M C I( P )1 2 9/0 5 / 2 0 1 7WOODLANDS GETS A FACELIFT! HIGHLIGHTS OF THE NEIGHBOURHOOD RENEWAL PROGRAMMEFor the full article, go to pages 4 & 5Page

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What is forgin tow?

Foreign TOW (Taxes on Overseas Wealth) refers to tax obligations and reporting requirements for U.S. taxpayers with foreign financial assets and accounts.

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U.S. citizens and resident aliens who have foreign financial assets exceeding certain thresholds are required to file Foreign TOW.

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To fill out Foreign TOW, individuals must complete the appropriate IRS forms, typically including Form 8938, and provide detailed information about their foreign assets.

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The purpose of Foreign TOW is to ensure compliance with U.S. tax laws concerning foreign financial assets and to prevent tax evasion.

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Taxpayers must report information such as the type and value of foreign financial assets, account numbers, and the country where the accounts are maintained.

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