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wednesday, march 4, 2015Volume 253NO. 41Rent StabilizationFour Year Rule:
More ConfusionPursuant to the Omnibus Housing Act
of 1983 (OHA) (L. 1983, ch. 403), the
Legislature amended
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What is four year rule?
The four year rule refers to a regulation that requires individuals to report foreign financial accounts if the aggregate value of those accounts exceeds $10,000 at any time during the calendar year.
Who is required to file four year rule?
Any U.S. person with foreign financial accounts that meet the threshold requirement must file the four year rule.
How to fill out four year rule?
The four year rule can be filled out electronically through the FinCEN Form 114, also known as the FBAR form.
What is the purpose of four year rule?
The purpose of the four year rule is to prevent tax evasion by ensuring that individuals report their foreign financial accounts.
What information must be reported on four year rule?
The four year rule requires information such as the account holder's name, account number, financial institution's name, and maximum value of the account during the year.
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