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House Sends Bill With Withholding Requirement on Undeclared Foreign Accounts Back to Senate
printThe U.S. House of Representatives Thursday approved an amended version of a Senate jobs bill that would tax the transactions of some U.S. accountholders with foreign banks. The Hiring Incentives to Restore Employment, narrowly approved by a 217 – 201 vote, would impose a 30 percent withholding tax on transactions tied to accounts held by Americans at a foreign financial institution unless the banks consented to report beneficial ownership data. Under a Financial Institution Agreement, the U.S. Treasury Department and Internal Revenue Service would require foreign banks to annually disclose the name, address and tax identification number of each U.S....
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