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ITINs Required for Non-Resident Alien Accounts

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Question: 
Currently, we don't require our non-resident alien accounts to have ITINs. My understanding is that a non-resident alien can receive an ITIN or SS# (in some cases). With this new reporting requirement of interest paid to non-resident aliens, will we need ITINs on all of our NRA accounts? Otherwise what number do we report them under on the 1042-S?
Answer: 

If you don't receive an ITIN or SSN, then there is nothing to report. The new instructions for the 1042-S are out:http://www.irs.gov/pub/irs-pdf/i1042s.pdf

First published on BankersOnline.com 1/14/13

First published on 01/14/2013

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