In a Dec. 1 2014 update, the Internal Revenue Service (“IRS”) stated that jurisdictions can continue to be treated as though they have an intergovernmental agreement (“IGA”) after Dec. 31, 2014, as long as the Treasury Department determines they are making efforts to finalize the agreement as soon as possible.
In a Dec. 22 update, the IRS clarified that foreign financial institutions still must have a certificate identifying them as being compliant with the international tax law to avoid certain withholdings. Those in jurisdictions that are treated as having IGAs must obtain a Global Intermediary Identification Number.
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Anthony N. Verni
ATTORNEY AT LAW, J.D., CPA, MBA
With 20+ years of experience practicing before the IRS, I bring a rare combination of legal and financial expertise as both an Attorney and a Certified Public Accountant.
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