Fatca GIIN Numbers Experiencing Turnover

Identifiers used for compliance become invalid without notice, says tax reporting provider

jeffrey-cronin-convey
Jeffrey Cronin, vice president, product strategy, Convey

Adherence to the US Foreign Account Tax Compliance Act (Fatca) may be even more complicated than first imagined as a result of churn in the database of GIINs (Global Intermediary Identification Numbers), according to a product strategist at a tax information reporting provider.

The US Internal Revenue Service has seen a 340 percent increase in GIINs being invalidated over the past five months, says Jeffrey Cronin, vice president of product strategy at Convey, a Minnetonka, Minnesota-based compan

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