Tax Law Updates | New Proposed Legislation
April 2, 2010
Bill Combining House, Senate, and President Obama’s Proposals Seeks to Enforce Tax Compliance and Reporting of Offshore Bank Accounts
Foreign Account Tax Compliance Act of 2009
H.R. 3933, 10/27/2009
A bill that combines proposals from the House of Representatives, Senate and the Obama Administration seeks to uncover taxable assets in overseas accounts. The filing of this proposed legislation came in the wake of the UBS offshore bank account case that netted almost a billion dollars in payments to the Internal Revenue Service (“IRS”).
The bill would impose a 30 percent withholding tax on income from U.S. financial assets held by a foreign financial institution—unless the foreign financial institution agrees to disclose the identity of any American with an account at the institution (or the institution’s affiliates) and to annually…
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View a PDF of the proposed legislation
