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4 LEGAL AND ETHICAL ISSUES IN THE MASSAGE PROFESSIONAL PRACTICE OUTLINE Professional Practice Definition of Law Classifications of Law Crimes and Torts Good Samaritan Law Americans with Disabilities
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Chapter 4 (Ch 4) refers to regulations that require certain foreign financial institutions to report the information of U.S. account holders to the IRS, primarily to prevent tax evasion by U.S. citizens overseas.
Foreign financial institutions (FFIs) and certain non-financial foreign entities (NFFEs) that have U.S. account holders or substantial U.S. owners are required to file Ch 4 legal amp.
To fill out Ch 4 legal amp, entities must collect information from account holders, determine their U.S. status, and complete the appropriate reports, such as the Form 8966 for FFIs, through the IRS online system.
The purpose of Ch 4 legal amp is to enhance tax compliance by requiring foreign entities to disclose information about U.S. account holders and to prevent tax evasion by exposing unreported U.S. income.
Information that must be reported includes the account holder's name, address, taxpayer identification number (TIN), account number, and the account balance or value.
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