The Internal Revenue Service has issued final regulations and guidance on reporting interest paid to nonresident aliens, along with a revenue procedure listing the countries with which the U.S. has a bilateral exchange of information agreement.
The two documents released Tuesday are intended to implement the controversial Foreign Account Tax Compliance Act. FATCA was included as part of the HIRE Act of 2010, and requires foreign financial institutions to report on the holdings of U.S. taxpayers (see Taxpayers Strained by New FATCA Requirements).
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