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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
November 25, 2002
#02-58 |
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E-mail:
[email protected] |
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ACB OPPOSES REPORTING OF INTEREST TO NONRESIDENT ALIENS
WASHINGTON, D.C. — America’s Community Bankers has urged the Internal Revenue Service to abandon its proposal to require banks to report interest paid to nonresident aliens.
In its comment letter, ACB commended the IRS and Treasury Department for revising the earlier proposal to limit the number of countries covered by the rule, especially eliminating reporting of interest to nonresident aliens living in Caribbean, Central and South American countries.
But ACB said it opposed the rule because the cost and implementation burden to community banks would outweigh any potential benefits for the administration of U.S. tax laws. ACB also said it was concerned that Treasury and the IRS reserved the right to modify the list of countries in the future.
America’s Community Bankers represents the nation’s community banks of all charter types and sizes. ACB members, whose aggregate assets are more than $1 trillion, pursue progressive, entrepreneurial and service-oriented strategies in providing financial services to benefit their customers and communities.
The comment letter is attached.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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America’s Community Bankers
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phone 202-857-3100 | fax 202-296-8716 | [email protected]
Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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