U.S. Congress - H.R.3933 Foreign Account Tax Compliance Act of 2009
H.R.3933 - Foreign Account Tax Compliance Act of 2009
To amend the Internal Revenue Code of 1986 to prevent the avoidance of tax on income from assets held abroad, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to prevent the avoidance of tax on income from assets held abroad, and for other purposes. as introduced.
- Short: Foreign Account Tax Compliance Act of 2009 as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 18
- Past Seven Days: 145
- All-Time: 7,852
|
|
|
|
|
|
|
|
Committees
Official Summary
10/27/2009--Introduced.Foreign Account Tax Compliance Act of 2009 - Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% ofOfficial Summary
10/27/2009--Introduced.Foreign Account Tax Compliance Act of 2009 - Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by:(1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions;
(2) denying a tax deduction for interest on non-registered bonds issued outside the United States;
(3) requiring any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on such accounts;
(4) imposing an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets;
(5) extending the limitation period for assessment of underpayments with respect to assets held outside the United States;
(6) requiring certain tax advisors who assist U.S. individuals in acquiring a direct or indirect interest in a foreign entity to file an information return disclosing the identity of the foreign entity and the individual investors;
(7) requiring shareholders of a passive foreign investment company to file informational returns;
(8) enhancing tax rules and penalties relating to foreign trusts with U.S. beneficiaries; and
(9) requiring withholding of tax on dividend equivalent payments received by foreign individuals.
...Read the Rest
Organizations Supporting H.R.3933
- U.S. Public Interest Research Groups
- Global Financial Integrity
- Internal Revenue Service
Organizations Opposing H.R.3933
- Australian Banking Association
- American Citizens Abroad
- U.S. Chamber of Commerce
- European Fund and Management Association
- Swiss Bankers Association
- State Street Bank and Trust
- ...and 17 more. See all.
Recent News Coverage
The “Hiring Incentives to Restore Employment” Act of 2010
On March 18, 2010, president Obama signed the "Hiring Incentives to Restore Employment Act of 2010" (the "Act") into law. This will dramatically affect most non-US financial institutions, funds and collective investment structures as well as many trustees and family offices investing through these entities by providing the IRS with "new tools to find and prosecute US individuals that hide assets overseas.
Recent Blog Coverage
View All (82)
|
View Top Rated
Conservatives, what do you make of the Foreign Account Tax ...
http://www.govtrack.us/congress/bill.xpd?bill=s111-1934 · http://thomas.loc.gov/cgi-bin/bdquery/z?d111:s.01934: Then there is HR 3933 and it looks the same. http://www.opencongress.org/bill/111-h3933/show ...
S.1934 Title: Foreign Account Tax Compliance Act
Sponsor: Sen Baucus, Max [MT] (introduced 10/27/2009) Cosponsors (2) Related Bills: HR3933, HR4213 Latest Major Action: 10/27/2009 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance. ...
Users tracking H.R.3933 (7) are also tracking:
| Bills | People | Issues |
|---|---|---|
Users opposing H.R.3933 (4) are also:
| Supporting Bill | Supporting Representative |
|---|---|
| Opposing Bill | Opposing Senator | Opposing Representative |
|---|---|---|
Vote on This Bill
-
Share This Bill
More Share via Email
