Drake Software blog for tax pros, covering tax, IRS news, and more

Information Sharing on Foreign Deposit Interest (1)

Revenue Procedure 2014-64 provides an updated list of jurisdictions with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information for purposes of the bank deposit interest reporting requirements under §§1.6049-4(b)(5) and 1.6049-8(a), as well as jurisdictions with which the IRS and Treasury have determined the automatic exchange of such information is appropriate.

Revenue Procedure 2014-64 will be in IRB 2014-53, dated December 29, 2014.

Sources:  Internal Revenue Service at http://www.irs.gov/pub/irs-drop/rp-14-64.pdf

Drake Software Blog Team

The Drake Software Blog Team is proud to cover the latest in tax-industry-related news, from tax law and IRS updates to technology and business strategies. If you have questions about an article or just want to reach out to our staff, email comments@taxingsubjects.com.