On April 17, 2012, the Treasury Department adopted proposed regulations (REG-146097-09), which will require U.S. banks to report interest payments to nonresident aliens starting January 1, 2013. The Treasury Department and the IRS continue their efforts to share bank information with foreign governments, and will ask U.S. banks to report information on nonresident account holders just as it is requiring overseas banks to provide information on U.S. account holders. The regulations are part of the continued U.S. government’s efforts to fight offshore tax evasion and work with other countries on exchange of the information.
Copyright (c) 2012 Igor S. Drabkin. All Rights Reserved.