IRS Extends Reporting Relief for Foreign Financial Institutions

Foreign financial institutions required to report accounts without US taxpayer identification numbers have been given an extended period of relief if they fail to do so.

The IRS issued Notice 2024-78 Monday, extending temporary relief given in a previous notice for certain foreign financial institutions that are required to report US taxpayer identification numbers for certain preexisting accounts, a release from the agency said.

Under the guidance, if certain foreign financial institutions comply with the procedures detailed in the notice, the IRS won’t assert that there is significant non-compliance for failure to report.

The IRS previously gave temporary ...