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STANDARD TRADING CONDITION OF FFFA Standard Trading Conditions for Freight Forwarders Part I Generally Provisions 1. Applicability These are the Standard Trading Conditions applicable to the members
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fffai stc new stands for Foreign Financial Account Information Statement (stc new) which is a form used to report foreign bank accounts and other foreign financial assets.
US persons including individuals, corporations, partnerships, and trusts that have foreign financial accounts/assets exceeding certain thresholds are required to file fffai stc new.
fffai stc new can be filled out electronically through the IRS website or by mailing a paper form to the IRS.
The purpose of fffai stc new is to combat tax evasion by providing the IRS with information about foreign financial accounts/assets held by US taxpayers.
fffai stc new requires reporting of the account holder's name, account number, type of account, maximum account value during the year, and the foreign financial institution where the account is held.
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