Want privacy in the tax world? Think again

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.