The IRS has updated its list of countries with which the U.S. has agreements to share information. Specifically, the agreements require payors to report certain deposit interest paid to nonresident alien individuals who are residents of other countries. The tax code requires a payor to report $10 or more of “reportable interest” paid to a nonresident alien individual. “Reportable interest” is interest that relates to a deposit maintained at an office in the U.S. and paid to a resident of a country that has in effect an income tax or bilateral agreement to exchange tax information with the U.S. The IRS has added Chile to the list of countries. For more information: Call or visit our website for more information!