Temporary relief extension for Foreign Financial Institutions to report US Taxpayer Identification Numbers through to 2028

Temporary relief has been extended to 2026, 2027 and 2028 for New Zealand Foreign Financial Institutions (FFIs) that have not been able to get US Taxpayer Identification Numbers (TINs) for their pre-existing FATCA reportable account holders and controlling persons.

Notices from the US Internal Revenue Service (IRS)

Notice 2024-78 extends, and adds to, Notice 2023-11 (issued 30 December 2022) which outlines what FFIs must do to obtain relief from the US determining they are significantly non-compliant with their FATCA obligations.

Key points about relief

These are the key points to consider.

The relief extends for calendar years 2025, 2026 and 2027.
It relates to pre-existing accounts only and does not apply to new accounts opened after the IGA came into force.
FFIs must report a valid date of birth and use the prescribed TIN code where a US TIN has not been obtained.
The notice further sets out expectations for FFIs regarding their annual efforts to obtain US TINs and documentation of such efforts. An FFI must retain records until 2031 of the policies and procedures it has adopted to meet these requirements and evidence that these actions have been undertaken.

FFIs are asked not to discriminate against US citizens that are captured by FATCA reporting requirements.

List of IRS notices

Notice	Status	Link
2024-78	Current	Notice 2024-78, Extension of Temporary Relief for Foreign Financial Institutions to Report U.S. Taxpayer Identification Numbers (irs.gov)
2023-11	Non-Current	Foreign Financial Institution Temporary U.S. Taxpayer Identification Number Relief (irs.gov)
2017-46	Non-Current	Revised Guidance Related to Obtaining and Reporting Taxpayer Identification Numbers and Dates of Birth by Financial Institutions (irs.gov)