International Taxes

Sen. Chuck Schumer (D-N.Y.) next week is expected to accuse China of currency manipulation and call on the G-20 to put the squeeze on the Asian country until the price of its currency is accurate, sources said.

There appears to be international support for the charge.

This is a developing story.

The Treasury Department has reportedly reached an agreement on how much information must be disclosed on foreign bank accounts held by U.S. taxpayers, according to Dow Jones. 

Treasury officials will be able to use discretion on who complies with legislation that increases reporting requirement for account holders. A Senate vote on the bill could come as early as next week. 

The House has passed a stricter bill, much to the chagrin of financial leaders who argued its provisions were too onerous. Treasury officials also dreaded its implementation since it was unclear if the Department had the manpower to enforce its provisions. 

The House on Wednesday approved legislation that allows individuals to claim donations for earthquake relief to Chile on their 2009 tax return. Normally, these contributions would be claimed on the 2010 return since they were paid this year.
 
The measure also extends donations to victims of the earthquake in Haiti.
 
Donations made prior to Apr. 15 for either cause can be deducted on 2009 tax returns.