Federal and International

Court Rejects Banking Associations’ Challenge to Regulations Addressing Offshore Tax Avoidance

Washington, DC—(ENEWSPF)—January 13, 2014. Today the District Court in the District of Columbia dismissed a challenge filed by the Florida Bankers Association and Texas Bankers Association challenging 2012 amendments to the Department of the Treasury’s interest-reporting regulations.  The regulations require U.S. banks to report to the Internal Revenue Service (IRS) information about accounts earning more than $10 of interest beginning in 2013 that are held by nonresident aliens of all countries with which the United States has a tax treaty or other information exchange agreement.  These new reporting requirements help the United . . .

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