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Reporting Form Instruction Guide Financial Accountability Regime (FAR) Entity Profile Introduction All accountable entities as defined in the Financial Accountability Regime Act 2023 (the Act) are
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Start by inputting the basic information of the entity such as name, address, and contact details.
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Fill out the financial information including income, expenses, and assets.
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Provide information about the entity's mission, activities, and beneficiaries.
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The FAR (Foreign Account Tax Compliance Act) entity profile form is a document that foreign entities must complete to disclose information regarding their U.S. account holders and be compliant with U.S. tax regulations.
Foreign financial institutions and certain non-financial foreign entities that have U.S. account holders are required to file the FAR entity profile form.
To fill out the FAR entity profile form, entities must provide accurate information regarding their organization, including ownership structure, types of accounts held, and details of U.S. account holders.
The purpose of the FAR entity profile form is to ensure compliance with U.S. tax law, specifically to identify foreign entities with U.S. accounts and ensure that they report income to the IRS.
Information that must be reported includes the entity's name, address, Tax Identification Number (TIN), types of accounts, and details about any U.S. account holders.
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