77,000 foreign banks to share tax info with IRS
Source: AP-EXCITE
By STEPHEN OHLEMACHER
WASHINGTON (AP) More than 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion, the Treasury Department said Monday.
The list includes 515 Russian financial institutions. Russian banks had to apply directly to the Internal Revenue Service because the U.S. broke off negotiations with Russia over an information-sharing agreement because of Russia's actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include all the world's financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.
Under the law, foreign banks that don't agree to share information with the IRS face steep penalties when doing business in the U.S. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don't participate in the program a significant price for access to the world's largest economy.
FULL story at link.
Read more: http://apnews.excite.com/article/20140602/us-irs-foreign-banks-deb8b76403.html
valerief
(53,235 posts)satellites revolving our planet.
Demeter
(85,373 posts)when you have that much money, and such powerful friends...
closeupready
(29,503 posts)is one example I recall from some of the literature on the subject of offshore banking and money laundering.
MattSh
(3,714 posts)for foreigners to keep their money away from the worlds largest economy, because they'll be hit too.
Of course, the world's largest economy will not be the world's largest economy for much longer because of this.
Demeter
(85,373 posts)And I think I am looking forward to that day.
This tax collection scheme may be the only way to wrest the government from the 1% and the multinationals (corporations and individuals).
NutmegYankee
(16,199 posts)And then we can withhold launching supplies like water and food until we get what we want?
valerief
(53,235 posts)OKNancy
(41,832 posts)Paper Roses
(7,473 posts)Geeze, I don't even have enough to pay my bills without playing the 'you this month, you the next'.
As I sit and try and figure out what to do with the rest of my very senior life, I'm afraid I have no sympathy for those who worry about being caught with some off-shore account in some country, most of which I cannot even find on the very old map I have.)
Phooey. Life is too stressful for the poor and I'm sure it is very complicated for the rich( oh my, where can I put these millions without taxes.) I bet I could live a year in luxury on the monies paid to financial and legal advisers who cater to the 1%.
NUTS
Art_from_Ark
(27,247 posts)It's the millions of ordinary Americans living overseas who are mostly feeling its pinch.
freshwest
(53,661 posts)The 'Russian banks had to apply directly to the Internal Revenue Service' had to be galling to them. How very odd.