IRS issues final guidance extending information reporting of U.S. bank deposit interest paid to non-resident aliens

April 2012

Overview

On April 17, 2012, the Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released final regulations that expand U.S. tax information reporting requirements to include bank deposit interest paid to nonresident alien (NRA) individuals resident in certain countries. The final regulations adopted the requirement originally established in the 2002 proposed regulations by establishing that information reporting is limited to U.S. bank deposit interest paid to an NRA that is a resident of one of the countries with which the U.S. has a tax information exchange agreement. Currently, reporting of U.S. bank deposit interest is required only to a NRA individual who is resident in Canada. The final regulations apply to U.S. bank deposit interest paid on or after January 1, 2013.
 

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