Account Information Reporting

Account Information Reporting is a system used by financial institutions to share details about your accounts—such as savings, investments, and other financial holdings—with government tax authorities. This helps ensure that individuals and businesses report their income accurately for tax purposes. The reporting includes information like account balances, interest earned, dividends, and income payments. Its goal is to promote transparency, prevent tax evasion, and ensure compliance with tax laws. Overall, it’s a way for authorities to get a clearer picture of financial activities and ensure that everyone pays the correct amount of taxes.