The U.S. Department of the Treasury has finalized regulations that require reporting of interest payments to foreign individuals on bank deposits maintained in the United States. The regulations apply to commercial banks, savings institutions, credit unions, securities brokerages, insurance companies and other financial institutions that pay interest on deposits.
Until recently, except in the case of Canadian residents, interest on deposits paid to foreign individuals was generally exempt from U.S. reporting. The IRS did not have a compelling reason for collecting this information because the interest paid on bank deposits to foreign individuals is exempt from U.S. taxation.
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