Treasury Crafting Rules to Reduce Burden of Foreign Reporting Law

The Treasury Department is working on regulations to reduce the burden of a law requiring foreign banks to disclose to the IRS assets held by their U.S. account holders.

“Over the couple of years we’ve been at this, we’ve constantly taken in comments and thought about how we could make the process more streamlined, simpler, and more efficient,” said David Kautter, the assistant secretary for tax policy at Treasury. He spoke to Bloomberg Tax Dec. 20 at an annual conference sponsored by George Washington University Law School, the IRS, and Treasury in Washington.

He said the new regulations are ...