US Automatic Exchange of Bank Information to 86 Foreign Countries in 2015
Posted by William Byrnes on January 7, 2015
See full post at International Financial Law Prof Blog.
This revenue procedure lists the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship requiring the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013. Section 1.6049-4(b)(5) provides that in the case of interest aggregating $10 or more paid to a nonresident alien individual the payor is required to make an information return on Form 1042-S for the calendar year in which the interest is paid. See the list at International Financial Law Prof Blog.