Global Bankers Air Concerns to IRS on Rules for Accounts
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Bankers from around the world told the Internal Revenue Service that proposed U.S. rules requiring reporting of Americans’ overseas bank accounts are too burdensome and must be changed.
“The rules need to be streamlined and simplified significantly” so they can be used by bank employees around the world who don’t speak English, said Andrew Barkin, managing director and head of U.S. tax at Bank of Tokyo-Mitsubishi UFJ Ltd. He spoke on behalf of the Institute of International Bankers at an IRS hearing today in Washington.