Summary: S.887 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for S.887. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/07/2013)

Amends the Internal Revenue Code, with respect to tax administration requirements for foreign-source income and assets, to repeal:  (1) withholding requirements for payments to foreign financial institutions and other foreign entities, (2) information reporting for foreign financial assets, (3) penalties for underpayments of tax attributable to undisclosed foreign financial assets, (4) reporting requirements for shareholders of a passive foreign investment company and U.S. owners of foreign trusts, and (5) the additional penalty for failure to file required notices and information returns for certain foreign trusts.