IRS now regulating banks outside USA

[cindy25]

http://www.moneynews.com/StreetTalk/IRSProposesRequiringUSBankstoDiscloseAccounts-Owners/2011/01/14/id/382932?s=al&promo_code=B7A5-1

The IRS proposal comes on the eve of the issuance of separate regulations that will require foreign banks to identify U.S. customers to the IRS and withhold 30 percent of U.S. interest and dividend payments from account holders who provide inadequate information to determine their U.S. status.

[randomname]

Swiss whistleblower Rudolf Elmer plans to hand over offshore banking secrets of the rich and famous to WikiLeaks

http://m.guardian.co.uk/media/2011/jan/16/swiss-whistleblower-rudolf-elmer-banks?cat=media&type=article

[lynnf]

http://www.moneynews.com/StreetTalk/IRSProposesRequiringUSBankstoDiscloseAccounts-Owners/2011/01/14/id/382932?s=al&promo_code=B7A5-1

The IRS proposal comes on the eve of the issuance of separate regulations that will require foreign banks to identify U.S. customers to the IRS and withhold 30 percent of U.S. interest and dividend payments from account holders who provide inadequate information to determine their U.S. status.


I wonder what we're going to have to trade away to get these concessions? for NAFTA we had to trade away jobs in order for the big corporations to get access to other countries markets.

lynn

[specialK]

I wonder what we're going to have to trade away to get these concessions?

lynn

Probably nothing. The US will, in turn, identify foreign citizens' accounts to their respective governments. It's a good deal for both parties unless there is an offshore banking jurisdiction involved. US and Canada already have this arrangement. I found this out the hard way. I got audited because I have a US account and I reside in Canada . Thanks, Bank of America :-(