S.1934 - Foreign Account Tax Compliance Act of 2009

A bill 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: A bill 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.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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10/27/09
 
 
 
 
 
 
 

Official Summary

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 i

Official Summary

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.

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Organizations Supporting S.1934

  • Global Financial Integrity
  • U.S. Public Interest Research Groups

Organizations Opposing S.1934

  • Credit Suisse
  • U.S. Chamber of Commerce
  • American Bankers Association
  • Australian Banking Association
  • Clearing House
  • Euroclear Bank
  • ...and 15 more. See all.




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