The U.S. IRS has announced penalty relief for the first three quarters of 2026 for remittance providers that fail to deposit the new 1% remittance (excise) tax that was introduced as part of the One, Big, Beautiful Bill Act. As previously reported, the tax is introduced on electronic transfers of funds from the U.S. to non-U.S. recipients made after 31 December 2025 and applies to any remittan…