The IRS released Rev. Proc. 2019-23, which updates prior IRS guidance and adds a new country, Georgia, to the list of countries with which the United States has in force an information exchange agreement for purposes of reporting payments of deposit interest of $10 or more made by U.S. financial institutions to nonresident alien individuals. With respect to Georgia, information reporting is effective for interest paid on or after January 1, 2020. Rev. Proc. 2019-23 also adds two jurisdictions, Curaçao and Cyprus, to the list of jurisdictions with which Treasury and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to bank deposit interest income information under regulatory provisions.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.