IRS Asks: How Much Hassle to Report Cash to Foreigners?
Published Date: 4/7/2026
Notice
Summary
The IRS wants your thoughts on how much work it takes to report payments made to foreign people. This affects anyone handling money sent abroad and aims to make the process easier and clearer. Comments are due by June 8, 2026, so don’t miss your chance to help shape the rules and possibly save time and money!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Compliance Consequences for Missing GRAs
The regulations describe consequences to U.S. and foreign persons for failing to file gain recognition agreements (GRAs) or related reporting when transferring property to foreign corporations in nonrecognition exchanges under sections 367(e)(1) and 367(e)(2). This notice invites comments on those information collection burdens as part of an extension of the currently approved collection.
Paperwork Burden for Cross‑Border Payments
If your business handles payments or distributions to foreign persons, the IRS is collecting information about the paperwork burden under OMB Control Number 1545-1487 (TD 9704). The agency estimates 414 respondents, about 5 hours 58 minutes per respondent, and a total annual burden of 2,471 hours.
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