US Extends Date for FFI Agreement Renewal

Through an update to its FAQs, IRS announced it will extend the deadline to renew the FFI Agreement from July 31 to October 24.  Foreign Financial Institutions in Model 2 or Non-IGA countries are required to sign and adhere to the terms of the Agreement to be considered Participating.  Should an FFI not sign the Agreement, it will lose its GIIN and would be withheld upon.  

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Author

Stephen Kessinger

Stephen Kessinger is a Regulatory Counsel for Sovos Compliance. Within Sovos’ Regulatory Analysis function, Stephen focuses on AEOI reporting, including FATCA, CDOT and CRS. Before joining Sovos, Stephen earned his B.A. from the University of Vermont, and his J.D. from Roger Williams School of Law. He currently is a member of the Massachusetts and Rhode Island Bar Associations.
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