Helping foreign tax avoiders is not a legitimate way to drum up business, sayeth a federal judge.

Bank industry lobbying groups in Texas and Florida in April challenged the U.S. rules in a lawsuit against the Treasury Department and the IRS, saying the rules were burdensome and would discourage U.S. foreign investment.

Judge James Boasberg of the U.S. District Court for the District of Columbia, in a 23-page opinion, dismissed the lawsuit, finding that the new rules “would cause minimal burden to banks and their customers.”

Written in 2012, the rule would require disclosure by U.S. banks of information about accounts held by non-resident aliens that earn at least $10 of interest per year.

U.S. judge tosses bankers’ suit over rules to fight tax-dodging [Reuters]

Comments (6)

  1. Posted by Shaz's beard | January 15, 2014 at 11:21 AM

    < 20 words and then copy/paste, thats the Shaz we know and love.

  2. Posted by Hair Bals | January 15, 2014 at 11:29 AM

    Jon, I would love to take you to lunch at the Outback Steakhouse. Feel free to order whatever you want.

  3. Posted by Richj123 | January 15, 2014 at 11:44 AM

    He's Irish so I imagine the hospital had to take his word for it that he was erect.

  4. Posted by guest | January 15, 2014 at 12:13 PM

    To think that foreigners are putting money in US dollar accounts believing that they are hiding money from Uncle Sam is pretty naïve.

  5. Posted by guest | January 15, 2014 at 12:36 PM

    Look– the Feds can even sniff around banks' books in London. It's a given they know every USD account of foreigners and non-foreigners.

    Deutsche, Citi Face Forex Pressure
    Deutsche Bank Suspends Traders, Regulators Visit Citigroup
    http://online.wsj.com/news/articles/SB10001424052

  6. Posted by Guest | January 15, 2014 at 2:04 PM

    My feet stink