IRS may ask US banks to disclose account-owners’ ID
(Bloomberg): The Obama administration says US banks should disclose to the IRS bank accounts owned by foreigners, resurrecting a Clinton-era proposal that was opposed by banking groups and Republicans. The Internal Revenue Service proposed regulations Jan. 7 that would pave the way for the US for the first time to routinely share information with other governments about their citizens’ deposits in US financial institutions. The move is designed to help governments around the world pierce bank secrecy, the agency said. It follows a successful three-year effort by the US to pressure Switzerland and its biggest bank, UBS AG, to reveal the US owners of undeclared accounts held offshore.
Category: Business
