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 -Published: Wednesday, November 6, 2019- Lack of tax ID number will not
automatically mean closing foreign bank account,
says IRS
By the A.M. Costa Rica wire services The U.S. Internal Revenue Service has amended guidance to its foreign reporting regulations and told foreign financial institutions that lack of a U.S. tax identification number alone should not result in automatically closing accounts of U.S. citizens, reported American Citizens Abroad, known as ACA. The regulations involved the U.S. Foreign Account Tax Compliance Act that foreign banks and other financial institutions must follow in order to continue to transfer any funds into and out of the United States. Typically a U.S. citizen must provide a personal Social Security number or a tax identification number for any corporations they hold when dealing with foreign banks. There had been fear that financial institutions could not file the required report is the U.S. citizen involved did not have such a number. The IRS calls these numbers a TIN and the financial institutions FIs in its jargon. The exact language from the IRS site states: “The IRS will not automatically conclude that the absence of a TIN leads to a determination of significant non-compliance. Instead, the IRS will take account of the facts and circumstances leading to the absence of the TIN, such as the reasons why the TIN could not be obtained, whether the FI has adequate procedures in place to obtain TINs and the efforts made by the FI to obtain them. If the U.S. determines that an FI is in significant non-compliance, the U.S. would notify the exchange partner and will work with the partner, to include further appropriate consideration of the facts and circumstances, over the next 18 months to address the non-compliance. The FI would have at least 18 months from the date of the notification of noncompliance to correct the TIN error before the IRS took any other further action, such as removing the FI’s Global Intermediary Identification Number from the IRS FFI List. An FFI that no longer has a valid GIIN risks being subject to withholding on certain U.S. source payments made to the FI.” According to ACA, the process for first-time applications for Social Security numbers have been significantly expedited. However, first-time applications require an in-person visit with Social Security Administration, normally managed through the Federal Benefits Units at U.S. embassies and consulates. “This can cause delays, in particular for those who need to travel distances to the nearest U.S. embassy or consulate,” said ACA in its report. According to ACA, Social Security also noted that the most problematic cases are for those individuals born in the U.S. prior to 1990 who returned at early age to live in a foreign country. Prior to 1990 U.S. states did not routinely issue Social Security numbers along with a U.S. birth certificate. More information on IRS action on U.S. citizens abroad can be reached at ACA site. |
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