Michael Sonnenblick, owner of Sonnenblick Law, writes that regulations will change two things: First, starting in 2014, for U.S.-source interest earned in 2013, financial institutions will have to issue 1042-S forms on NRA accounts to both the client and to the IRS; second, if a foreign government asks for this information, the IRS will supply it.
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Reporting Interest on U.S. Accounts of Non-Resident Aliens
New York Law Journal
October 29, 2012
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