IRS Notice: Extension of Temporary Relief for Foreign Financial Institutions Required to Report U.S. Taxpayer Identification

The IRS announced the extension of temporary relief for foreign financial institutions (FFIs) required to report U.S. taxpayer identification numbers for certain preexisting accounts. The temporary relief extends the temporary relief provided in Notice 2023-11, subject to the procedures and requirements of the notice, the IRS stated. The IRS will continue to use the data to enhance IRS compliance procedures and inform potential future options for reporting Model 1 FFIs who continue to be unable to obtain and report the US TIN for certain accounts. If permanent relief is granted in the future, it is anticipated that the scope of ...