Bloomberg Tax
Dec. 17, 2020, 5:46 PM

EU Seeks IRS Meeting on Bank Closures for ‘Accidental Americans’

Hamza Ali
Hamza Ali
Senior Reporter International Tax

The European Union wants to meet with the IRS to discuss a long-running issue involving U.S. citizens whose EU bank accounts have been closed because of U.S. tax rules.

Martin Kreienbaum, director general of international taxation at the German Finance Ministry, on Thursday released a letter in which he proposed that IRS Commissioner Chuck Rettig hold a meeting with affected banks and European Union countries to work on a solution to the problem. Germany currently holds the rotating presidency of the EU council.

  • The citizens’ banks are required to comply with the U.S.’s Foreign Account Tax Compliance ...