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The first talks on renegotiating NAFTA begin this month, and with continual discussions of a U.S.-first trade agenda, multinational companies with operations in Mexico are left uncertain on what these talks might entail. While no one knows exactly where these negotiations may land, multinationals should have some answers by the end of 2017, as all […]
New numbers suggest the PATH Act deadline for filing W-2 and 1099-MISC forms is continuing to cause havoc for employers. The PATH Act, enacted in late 2015, moved the filing deadline from March 31 to Jan. 31. Filers are struggling to meet the new deadline and avoid financial penalties, which are attached to both late […]
The Connecticut Legislature has passed new legislation that will move up certain Form 1099 deadlines and require additional Form 1099 reporting. Some of the essential changes can be found below. Effective January 1, 2018, Connecticut will require payers of pensions or annuity distributions, including distributions from an employer pension, an annuity, a profit-sharing plan, a […]
The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period will begin – with reports being due to SAT […]
Delaware recently amended legislation pertaining to information returns, and part of this legislation advances the filing due date for 1099-MISC forms reporting non-employee compensation in Box 7. This brings the filing deadlines in line with the federal calendar. 1099-MISC forms with Box 7 checked will now be due on January 31, 2018 for Tax Year […]
The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification of those reporting requirements at some point in the future – as the law would allow individuals to […]
Kansas has updated Publication KW-100, Kansas Withholding Tax Booklet. There are a number of changes from the previous revision: Kansas passed Senate Bill 30 and amended the income tax rates in Kansas retroactive to January 1, 2017, and further increases them for 2018 and later years. Because the tax rates for Tax Year 2017 changed […]
With Senators Rand Paul and Susan Collins stating their opposition to the revised Better Care Reconciliation Act (BCRA) last week, Majority Leader Mitch McConnell could not afford to lose any more votes on the procedural vote to bring the bill to the Senate floor. Last night, Senators Mike Lee and Jerry Moran both announced that […]
France has updated its technical guidance, Transfert d’Informations to version 1.3. The new version contains some schema changes including the addition of the Address Type attribute that was previously not required, even though it is required under the OECD’s schema. Reporting French Financial Institutions, who have Reportable Accounts, should give close attention to the new guidance to […]
Bahrain has recently published the Competent Authority Arrangement between itself and the United States for the purposes of FATCA reporting. The agreement is required by the Inter-Governmental Agreement between the two states to facilitate FATCA reporting.
The Cayman Islands’ Department for International Tax Cooperation has recently announced a “final extension” for reporting under the FATCA and CRS regimes in a “AEOI News & Updates” release. Reporting under both systems will now be due August 31, 2017. Reporting entities must register with the Department by July 31, 2017 to ensure they meet […]
The IRS has updated the instructions for Form W-8BEN, Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals). There are a number of changes from the previous revision: Some minor updates made to Form W-8BEN to conform with Form W-8BEN-E. Instructions have been updated to reflect temporary and final […]
On Tuesday, the Senate passed a motion to proceed on health care by a vote of 51-50 with Vice President Pence casting the tying vote. This was only a procedural vote and not any sort of repeal or replace vote. As a result of this motion passing, the Senate can begin to debate on the […]
Global tax compliance and reporting software leader recognized with two Stevie Awards in Global Risk & Compliance and FinTech Categories Wilmington, Mass. – July 26, 2017 – Global tax compliance and reporting software leader Sovos announced today it has been honored with two Product of the Year awards at the The 15th Annual American Business Awards, a […]
A House Appropriations subcommittee has introduced H.R. 3280 – a draft of which was released during the July 4th Recess. This appropriations bill provides funding for government and financial services – including the IRS – for the upcoming fiscal year. As part of the IRS funding, it includes a provision that could impact the reporting […]
Along with new deadlines, Mexico tax authority releases additional CRS specifications. The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period […]
July 17, 2017 — Employer information reporting remains intact under both Senate ACA replacement bills currently in play: Majority Leader Mitch McConnell has released the Senate’s second iteration of the Better Care Reconciliation Act which, as written, would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential […]
As written, revised Better Care Reconciliation Act will not operate to eliminate either of the reporting requirements on 1094/1095 series forms. The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification of […]