IRS to non-U.S. banks: 'You don't need to close accounts of Americans whose TINs you don't have after all'

Under pressure from European banks in particular, the U.S. Internal Revenue Service has issued clarification with respect to a FATCA requirement that "foreign financial institutions" be obliged to provide the so-called Taxpayer Identification Numbers of their American clients from January, 2020 onward, which tax experts say means that banks now won't have to close the accounts of their TIN-lacking "accidental American" clients at the end of this year.

  • Tax

UK's Guardian, Daily Mail and Belgian media report story of 'thousands' at risk of having bank accounts closed

The UK's Guardian newspaper and a couple of Belgian media organizations have published stories this weekend that follow up on concerns that thousands of Americans face the loss of their bank accounts at the end of this year, owing to these Americans' lack of the "Tax Identification Number" that their European banks require to comply with the U.S. tax evasion law known as FATCA.

  • News
Subscribe to this RSS feed

Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...

Jul-30-2022