Form 8938 Online Fort Collins Colorado 2021-2025

Form 8938 Online Fort Collins Colorado: What You Should Know

IRS Tax Tip 2012-31, What You Need to Know About a Foreign Bank Account — NAB December 15, 2541, BE — Foreign bank accounts are defined in the Foreign and Local Economic Activity Sec. 810 as financial accounts or similar accounts located in (1) any country other than the United States, (2) the Philippines, (3) any other country where the foreign financial institution maintains financial offices or other branches or agency, or (4) any other jurisdiction that does not recognize United States tax law under its domestic law. 2. As in the United States, any account in the foreign jurisdiction for which a report is required to be filed under section 5321 of the Bank Secrecy Act of 1970 (BSA) may qualify for FATWA treatment. 3. The FATWA regulations do not apply to accounts that are more than 50 percent of an individual's total combined financial transactions for the reporting period, and that are held on behalf of a company wholly-owned by the individual (even if the account is not identified as a financial account) or an individual otherwise engaged in the course of trade or business. 4. To qualify for FATWA treatment, an account must meet the three requirements listed below. Foreign bank account (FAR) filing requirements — GAO What is a FAR? — H&R Block In 2010, the Bank Secrecy Act (BSA) made it possible for banks, including foreign banks, to be subject to a more comprehensive set of reporting requirements. The purpose of the new FAR rules was to: to provide government agencies with the necessary information to identify, collect, and prevent money laundering and other significant terrorist financing activities; and to provide the public with the information it needs to ensure that the financial system is not used in support of illicit drug trafficking or other criminal activities. For more information, see Treasury Directive #5340B, “The Special Measures for Terrorist Financing Act.” It may also be helpful to check the Federal Financial Institutions Examination Council's webpage here.

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