Most of you already know the US government shares data about you. Now there’s more people subject to the rules — those earning bank deposit interest income in the US and who are from newly-listed countries. The IRS recently issued Rev. Proc. 2017-31 which updates Rev. Proc. 2016-56 (issued December 2016) adding jurisdictions from Rev. Proc. 2014-64. If you’re a resident of any of the relevant jurisdictions, the Treasury Department and the IRS automatically exchange data with your country with respect to bank deposit interest income.
Contact us today to discuss how we can assist with your international tax and legal matters.