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What is 113 collecting data?
Form 113 is a report that collects information about foreign bank and financial accounts held by U.S. taxpayers, as part of the FBAR (Foreign Bank Account Report) requirements.
Who is required to file 113 collecting data?
Any U.S. person, including individuals, corporations, partnerships, or LLCs, who has a financial interest in or signature authority over foreign financial accounts exceeding certain thresholds.
How to fill out 113 collecting data?
To fill out Form 113, you need to provide details about each foreign account, including the account number, account type, the name and address of the financial institution, and the maximum balance during the reporting period.
What is the purpose of 113 collecting data?
The purpose of Form 113 is to ensure compliance with U.S. laws regarding the reporting of foreign bank accounts, to prevent tax evasion and illegal financial activities.
What information must be reported on 113 collecting data?
You must report the name of the bank, the account number, the account balance, the type of account, and your relationship to the account owner.
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