Date: Mon, 19 Feb 2001 13:12:51 -0500 From: freematt@coil.com (Matthew Gaylor) Subject: IRS Wants US Banks To Report Interest Paid To Foreigners To: freematt@coil.com (Matthew Gaylor)
IRS Wants US Banks To Report Interest Paid To Foreigners by Mike Godfrey
The US Treasury has issued a proposed regulation that would compel banks in the US to report all payments of interest made to non- resident aliens (ie any foreigner with a bank account in the US, other than residents). It gives s its reasons that it will help to deter US citizens from falsely pretending that they are foreign (to avoid US withholding tax at 30%) and that it has treaty obli- gations under double tax treaties to provide information to foreign countries when requested to do so. The Treasury says it does re- ceive such requests, which it cannot service. [snipped]
http://www.tax-news.com/asp/story/story.asp?storyname=2182
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