IRS Proposal for Bank Disclosure of Foreign Accounts


This month the IRS proposed that governments should share information with other governments on details of their citizen’s accounts held in US banks. This proposal is to get around bank secrecy laws after the long-running dispute between the IRS and UBS Bank of Switzerland that ended with the bank disclosing details of thousands of American account holders suspected of using these accounts to hide their assets.

The proposal has found agreement in the Obama Administration that says US banks should disclose to the IRS their accounts held by foreigners. This is in line with an earlier proposal during the Clinton administration on this matter.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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