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Final Regs Require U.S. Banks To Report Deposit Interest Paid To Nonresident Aliens
May 03, 2012
CCH News Release
Final Regs Require U.S. Banks To Report Deposit Interest Paid To Nonresident Aliens
TD 9584, Rev. Proc. 2012-24
In a controversial move, the IRS has finalized regs that require U.S. banks and other financial institutions to report to the agency interest on deposits paid to a nonresident alien (NRA). The requirement applies to payments to residents of any country having a tax information exchange agreement (TIEA) under which the United States will provide information, as well as receive it. The IRS also issued a companion revenue procedure that identifies countries that have a TIEA with the U.S. (and thus, for which reporting is required). Following is CCH commentary we recently received.