New IRS regulations that require banks to report non-U.S. taxpayers’ bank deposit interest, which could then be shared with to their home countries, could have a chilling effect on South Florida investment.
U.S. financial institutions are currently only required to report bank deposit interest earned by residents of Canada to the IRS. But beginning next year, U.S. financial institutions will be required to annually report the bank deposit interest earned by non-U.S. residents to the IRS. These rules will apply to interest totaling $10 or more.
This content has been archived.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]
