On Dec. 30, 2022, the IRS issued Notice 2023-11, which provides temporary relief for certain foreign financial institutions (FFIs) required to report U.S. taxpayer identification numbers (U.S. TINs) under the Foreign Account Compliance Act (FATCA). The temporary relief applies to FFIs subject to Model 1 Intergovernmental Agreements (Model 1 IGAs).
IRS Temporary Relief for Foreign Financial Institutions Required to Report U.S. Taxpayer Identification Numbers Under FATCA: Potential Implications for ‘Accidental Americans’
