Sec. 603. Improved information reporting on unreported and underreported financial accounts
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/bill/114/hr/1295/eas/section-603·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 6049(a) of the Internal Revenue Code of 1986 is amended by striking aggregating $10 or more each place it appears. Subparagraph
(C)of section 6049(d)(5) of such Code is amended— by striking which involves the payment of $10 or more of interest , and by striking in the heading. in the case of transactions involving $10 or more The amendments made by this subsection shall apply to returns filed after December 31, 2015. Subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by inserting after section 6049 the following new section: Every person who holds a reportable deposit during any calendar year shall make a return according to the forms or regulations prescribed by the Secretary, setting forth the name and address of the person for whom such deposit was held. For purposes of this section— The term reportable deposit means— any amount on deposit with— a person carrying on a banking business, a mutual savings bank, a savings and loan association, a building and loan association, a cooperative bank, a homestead association, a credit union, an industrial loan association or bank, or any similar organization, a broker (as defined in section 6045(c)), or any other person provided in regulations prescribed by the Secretary, or to the extent provided by the Secretary in regulations, any amount held by an insurance company, an investment company (as defined in section 3 of the Investment Company Act of 1940), or held in other pooled funds or trusts. Such term shall not include— any amount with respect to which a report is made under section 6049, any amount on deposit with or held by a natural person, except to the extent provided in regulations, any amount— held with respect to a person described in section 6049(b)(4), with respect to which section 6049(b)(5) would apply if a payment were made with respect to such amount, or on deposit with or held by a person described in section 6049(b)(2)(C), or any amount for which the Secretary determines there is already sufficient reporting. Every person required to make a return under subsection
(a)shall furnish to each person whose name is required to be set forth in such return a written statement showing— the name, address, and phone number of the information contact of the person required to make such return, and the reportable account with respect to which such return was made. The written statement under paragraph (1)— shall be furnished at a time and in a manner similar to the time and manner that statements are required to be filed under section 6049(c)(2), and shall be in such form as the Secretary may prescribe by regulations. For purposes of this section, the term person , when referring to the person for whom a deposit is held, includes any governmental unit and any agency or instrumentality thereof and any international organization and any agency or instrumentality thereof. . Subparagraph
(B)of section 6724(d)(1) of such Code is amended by striking or at the end of clause (xxiv), by striking and at the end of clause
(xxv)and inserting or , and by inserting after clause
(xxv)the following new clause: section 6049A(a) (relating to returns regarding non-interest bearing deposits), and . Paragraph
(2)of section 6724(d) of such Code is amended by striking or at the end of subparagraph (GG), by striking the period at the end of subparagraph
(HH)and inserting , or , and by inserting after subparagraph
(HH)the following new subparagraph: section 6049A(c) (relating to returns regarding non-interest bearing deposits). . The table of section for subpart B of part III of subchapter A of chapter 61 of such Code is amended by inserting after the item relating to section 6049 the following new item: Sec. 6049A. Returns regarding non-interest bearing deposits. . The amendments made by this subsection shall apply to returns filed after December 31, 2015.