top of page
Search
  • Elizabeth A. McMorrow

IRS FATCA TIN Codes for Y2022 Reporting

The U.S. Internal Revenue Service (IRS) updated the tax identification number (TIN) codes to be used in Y2022 FATCA reporting when certain Model 1 Foreign Financial Institutions (FFIs) have been unable to obtain a U.S. TIN for their pre-existing accounts that are reportable accounts.


IRS TIN Reprieve

For information regarding IRS Notice 2023-11 and the requirements for when an FFI may use the TIN codes, please see my recent blog post: FATCA: IRS Gives FFIs US TIN Reprieve.


Transition Year

For Y2022 reporting, the IRS is allowing FFIs to use either the updated TIN codes or the TIN codes the IRS issued in May 2021. FFIs must use the below updated codes in subsequent years for Y2023 and Y2024 reporting.


New TIN Codes

The updated TIN field codes (which can be found in the IRS FATCA FAQs) are as follows:


222222222

Preexisting individual account with only U.S. indicia being a U.S. place of birth, other than an account reported under code 000222111. This code takes precedence if any other code (other than 000222111) could also be applicable.


000222111

Preexisting depository individual account with only U.S. indicia being a U.S. place of birth. Additionally, FFI must determine that the account holder is a resident of the jurisdiction where the account is maintained for AML and tax purposes. For reference, “depository account” has the meaning defined in the applicable Model 1 Intergovernmental Agreement (Model 1 IGA). This code takes precedence if any other code could also be applicable.


333333333

New individual account that

(1) has indicia of a U.S. place of birth, and

(2) either:

(a) has a change in circumstances causing the self-certification originally obtained at account opening to be incorrect or unreliable, and a new self-certification has not been obtained, or

(b) was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification has not been obtained.


444444444

Preexisting individual or entity account that:

(1) has U.S. indicia other than a U.S. place of birth, and

(2) either:

(a) has a change in circumstances that either results in one or more U.S. indicia being associated with the account or causes a self-certification or other documentation originally obtained to be incorrect or unreliable, and a valid self-certification or other documentation has not been obtained subsequent to the change in circumstances, or

(b) was below the threshold for documenting and reporting the account on the determination date provided in the applicable Model 1 IGA and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.


555555555

New individual or entity account that:

(1) has a U.S. indicia other than a U.S. place of birth, and (2) either:

(a) has a change in circumstances causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or (b) was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.


666666666

Preexisting entity account held by a passive NFFE with one or more controlling persons with respect to which self-certifications have not been obtained, and no U.S. indicia have been identified in relation to any controlling persons.


777777777

Dormant Accounts – For pre-existing accounts where there is no TIN available and the account has been dormant or inactive, but remains above the reporting threshold, also known as a “dormant account.” A “dormant account” is one that meets the definition set out in U.S. Treasury Regulations §1.1471-4(d)(6)(ii) and had had no financial activity for three years, except for the posting of interest. If an account could be classified into multiple TIN codes, the other code takes precedence.


999999999

Any account for which the FFI cannot obtain a TIN and none of the other TIN codes would be applicable. The use of this code indicates that an FFI has completed its review of accounts without U.S. TINs and has in good faith applied TIN codes to records when applicable.


Error Notification

The IRS system will still generate an error notification to indicate the entry is invalid when one of the above codes is used. The error notification will provide 120 days to correct the issue. If the TIN is not provided within that 120-day period, the IRS will evaluate the data received and determine if there is significant non-compliance based on the facts and circumstances.


For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.


Recent Posts

See All

Bahamas & BVI FATCA CRS Updates

BVI Posted CRS Video The British Virgin Islands International Tax Authority (BVI ITA) posted the video from its live February 2024 program for investment entities subject to the Common Reporting Stand

Comentarios


Los comentarios se han desactivado.
bottom of page