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IRS Proposes Requiring U.S. Banks to Disclose Accounts’ Owners

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The Obama administration says U.S. banks should disclose to the IRS bank accounts owned by foreigners, resurrecting a Clinton-era proposal that was opposed by banking groups and Republicans.

The Internal Revenue Service proposed regulations Jan. 7 that would pave the way for the U.S. for the first time to routinely share information with other governments about their citizens’ deposits in U.S. financial institutions.