A bill to amend the Internal Revenue Code of 1954 to require taxpayers to provide on the first page of any income tax return certain information with respect to their interests in foreign bank accounts.

Summary

Authorizes the Secretary of the Treasury to prescribe regulations, under the Internal Revenue Code, requiring individuals filing income tax returns to include information concerning any interest or authority they had (during the period covered by the return) over any banks, securities or other financial accounts in a foreign country. Allows the Secretary to also require disclosure of such information as he determines is necessary to fulfill the purpose of the recordkeeping requirements of the Currency and Foreign Transactions Reporting Act (presently, such records cannot be obtained except through judicial or administrative process). Provides a $100 penalty for failure to report the required information.

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Documents

1 official file

• Introduced in House

  summary · EN · 14 September 1976

  Open at official source

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