The U.S. Department of the Treasury has finalized regulations that require reporting of interest payments to foreign individuals on bank deposits maintained in the United States. The regulations apply to commercial banks, savings institutions, credit unions, securities brokerages, insurance companies and other financial institutions that pay interest on deposits.
Until recently, except in the case of Canadian residents, interest on deposits paid to foreign individuals was generally exempt from U.S. reporting. The IRS did not have a compelling reason for collecting this information because the interest paid on bank deposits to foreign individuals is exempt from U.S. taxation.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]