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U.S. Imposes Tax Reporting on Nonresidents’ Bank Deposits

The U.S. will require banks to report interest payments to nonresident aliens starting in 2013 in a setback for banks and Republican lawmakers who say the plan will drive away investments.

The regulations, adopted yesterday, are part of the government’s efforts to work with other countries on tax evasion. The Treasury Department and the Internal Revenue Service say the U.S. should ask its banks to report information just as it is requiring overseas banks to provide information on U.S. account holders.