The Resource FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting

FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting

Label
FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting
Title
FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting
Creator
Subject
Language
eng
Summary
Coming on the heels of the Foreign Account Tax Compliance Act (FATCA) and the "new era" of international tax enforcement, it did not take too long for the IRS to finalize its regulations on the reporting of bank deposit interest paid to nonresident aliens (limited in this context to individuals). Interestingly, these regulations have had a somewhat tortured history. Prior to the finalization of the current regulations, reporting of bank deposit interest paid to nonresident aliens applied only to US persons and Canadian residents. In 2001, Treasury and IRS proposed regulations under par. 6049 that would have provided for such reporting with respect to payments made to any nonresident aliens. The final regulations under regs. par. 1.6049-4(b)(5)(i) and 1.6049-8 require US financial institutions to report certain deposit interest aggregating $10 or more paid to nonresident aliens, commencing on or after 1 January 2013
Citation source
In: Tax management international journal. - Arlington. - Vol. 41 (2012),
http://library.link/vocab/creatorName
Tanenbaum, E
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • FATCA
  • non-resident alien
  • interest
Label
FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting
Instantiates
Publication
Label
FATCA reciprocity : final regulations implementing nonresident alien bank deposit interest reporting
Publication

Library Locations

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