IRS Asks: Too Much Paperwork for Paying Foreigners?
Published Date: 4/7/2026
Notice
Summary
The IRS wants your thoughts on how it collects info about payments made to foreign people. They’re checking if the process is clear, useful, and not too much work for businesses or individuals. If you have ideas or concerns, send them in by June 8, 2026, so the IRS can keep things fair and smooth without extra costs or hassle.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Paperwork Burden for Affected Businesses
If you are a business that reports certain distributions to foreign persons, the IRS is asking for comments on the information collection under OMB Control Number 1545-1487. The agency estimates 414 respondents, about 5 hours and 58 minutes per respondent, and a total annual burden of 2,471 hours; comments are due June 8, 2026.
Consequences for Missing GRA Filings
The document contains final and temporary regulations about the consequences to U.S. and foreign persons for failing to file gain recognition agreements (GRAs) or related documents, or for not meeting other reporting obligations tied to transfers of property to foreign corporations in nonrecognition exchanges.
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