I.R.S. to Tighten Tax Oversight of Foreign Banks
By LYNNLEY BROWNING, The New York Times
Published: October 16, 2008
The Internal Revenue Service has issued new rules applying to a multibillion-dollar I.R.S. program that allows foreign banks to funnel money overseas on behalf of American clients .
New rules, issued Monday, apply to a little-noticed, multibillion-dollar I.R.S. program that allows participating foreign banks to funnel hundreds of billions of dollars overseas on behalf of American clients without disclosing their names to the I.R.S. In return, the banks promise to know who their clients are, withhold any taxes due on United States securities in their accounts — typically 30 percent — and send that money to the I.R.S.
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