House Moves To Block IRS Foreign Deposit Rule

Law360, New York (July 26, 2012, 6:38 PM EDT) -- The House of Representatives on Thursday voted to block the Internal Revenue Service from implementing a rule that would require U.S. banks to report the identities of their foreign account holders, although hopes for the legislation seem dim in the Senate.

The IRS rule, finalized in April and set to take effect in January, would require banks to report the identities of foreign account holders to the tax-collecting agency, which would then report those identities back to the account holders' home countries. The amendment, which passed...
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