Abstract

http://ssrn.com/abstract=2398948
 


 



District Court Misapplies APA in Florida Bankers Association


Patrick J. Smith


Ivins, Phillips & Barker

February 17, 2014

142 Tax Notes 745 (Feb. 17, 2014)

Abstract:     
The D.C. district court recently upheld regulations that require U.S. banks to report to the IRS interest paid to nonresident aliens on accounts held in those banks. The purpose of this reporting requirement is to enable the United States to share this information with treaty partners. In upholding the regulations, the court incorrectly concluded that only would-be tax evaders would withdraw funds from U.S. banks in response to this reporting requirement. Smith argues it was unreasonable for the IRS to conclude that no funds would be withdrawn by NRAs simply out of fear that the information would be misused by their home country government. The fact that the IRS may reasonably believe the safeguards against that misuse are adequate does not justify its assumption that any NRA who is not attempting to avoid paying tax would share that belief.

Number of Pages in PDF File: 4

Keywords: administrative procedure act, arbitrary and capricious standard, State Farm

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Date posted: February 21, 2014 ; Last revised: February 25, 2014

Suggested Citation

Smith, Patrick J., District Court Misapplies APA in Florida Bankers Association (February 17, 2014). 142 Tax Notes 745 (Feb. 17, 2014). Available at SSRN: http://ssrn.com/abstract=2398948

Contact Information

Patrick J. Smith (Contact Author)
Ivins, Phillips & Barker ( email )
1700 Pennsylvania Avenue, NW Suite 600
Washington, DC 20006
United States
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