Honduras: Updates for foreign financial institutions unable to report missing U.S. TINs
Calendar year 2022 reporting (due by 30 September 2023) will be a transition year.
Updates for foreign financial institutions unable to report
The National Banking and Insurance Commission issued guidance—Circular 01/2023 (23 February 2023)—providing updates related to IRS Notice 2023-11, which outlines temporary relief provided to Model 1 foreign financial institutions that are unable to report missing U.S. taxpayer identification numbers (TINs) for pre-existing accounts. In accordance with the notice, the IRS has updated the series of TIN codes that were in use.
Calendar year 2022 reporting (due by 30 September 2023) will be a transition year. Foreign financial institutions must use either the TIN codes issued by the IRS in May 2021, or the updated codes to be eligible for the relief.
For reporting calendar years 2023 (due by 30 September 2024) and 2024 (due by 30 September 2025), foreign financial institutions must use the updated TIN codes, as applicable for their accounts, explaining the inability of the foreign financial institutions to report a U.S. TIN. The use of the updated codes will allow the IRS to better understand the reason behind the missing U.S. TINs.
Read a March 2023 report [PDF 204 KB] prepared by the KPMG member firm in Honduras
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