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RES 20219073Page 1 of 8VILLAGE OF DOWNERS GROVE Report for the Village 8/17/2021SUBJECT:SUBMITTED BY:Amendment of IGA with IPA for St. Joseph Creek Restoration Andy Sikh Public Works DirectorSYNOPSIS A
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An amendment of IGA (Intergovernmental Agreement) refers to changes or updates made to the existing agreement between governments to enhance compliance with tax reporting and other regulatory requirements.
Typically, financial institutions and entities that are parties to the IGA are required to file amendments to ensure compliance with any updated regulations or requirements.
Filling out an amendment of IGA involves providing updated information regarding compliance, financial account details, and must be done using the prescribed forms provided by tax authorities.
The purpose is to ensure that the agreement remains effective and reflects any changes in laws, regulations, or policies that affect compliance and reporting obligations.
Information to be reported typically includes updated taxpayer identification numbers, financial account details, and any changes in the entity's legal structure.
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