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The regulations require U.S. banks to
report to the Internal Revenue Service (IRS) information about accounts
earning more than $10 of interest beginning in 2013 that are held by
nonresident aliens of all countries with which the United States has a
tax treaty or other information exchange agreement. These new reporting
requirements help the US’ ability to comply with requests
from its treaty and exchange partners and implement the FATCA.
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The court upheld the regulations’ 2012 amendments, finding that the IRS
“reasonably concluded that the regulations will improve U.S. tax
compliance, deter foreign and domestic tax evasion, impose a minimal
reporting burden on banks, and not cause any rational actor, other than
a tax evader, to withdraw his funds from U.S. accounts.”
Have FATCA Problems?
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax Consultation
at: www.TaxAid.us or www.TaxLaw.ms or
Toll Free at 888-8TaxAid (888 882-9243)
US Department of Justice
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