Blog

Belgium Delays CRS Reporting Deadline for 2017

Belgium recently announced it will extend the deadline for CRS reporting this year.  Reporting was originally due at the end of June, but Belgium has delayed reporting until the end of July.  This delay is only for CRS and does not affect FATCA reporting which was due at the end of June.  The announcement of […]

Read More
Virginia Issues Revised eForms W-2 – 1099 Guide

Virginia Tax has published a revision of its eForms W-2 – 1099 Guide, which filers should utilize in order to ensure accurate and complete online submissions. The Business iFile system allows the use of eForms, which is a free, secure online service that allows employers and payers to electronically file forms W-2, 1099-R, and 1099-MISC directly […]

Read More
IRS Releases ACA Business Rules and Schemas for 2017

The IRS has released ACA Information Returns (AIR) Schemas, Business Rules and Crosswalks for Tax Year 2017. The business rules, schemas and crosswalks are for Forms 1094-B, 1094-C, 1095-B, and 1095-C. There are a number of changes from last year’s with many of the changes coming in the form of name changes for certain data […]

Read More
Cook County Suspends Collection of Sweetened Beverage Tax

Cook County Illinois suspended collection of their recently enacted sweetened beverage tax after receiving a temporary restraining order from Cook County Circuit Court. The sweetened beverage tax consisted of a $0.01 tax on each ounce of sweetened beverage sold at retail effective July 1, 2017. The Illinois Retail Merchants Association and several grocers sued the […]

Read More
New Mexico Publishes Interest Rates for Late Payment of Tax Due Through September 2017

New Mexico recently updated a published bulletin which details the effective interest rates for late payments on tax due. This bulletin lists the annual and daily percentage rates for the late payment of taxes due, along with a method for calculating daily interest during the applicable period. The annual rate of interest remains unchanged from […]

Read More
Minnesota Moves Up Due Dates For Submitting W-2 and 1099 Information Returns

Minnesota’s Department of Revenue recently updated Minnesota Income Tax Withholding Instruction Booklet and Tax Tables as well as Fact Sheets 2 and 2a.  The Instruction Booklet provides general direction for withholding while Fact Sheets 2 and 2a provide more detailed instructions for submitting W-2 and 1099 information, respectively.  Most importantly, all three documents have advanced the […]

Read More
Nauru Publishes List of Excluded Accounts for CRS Reporting

The Nauru Department of Finance has released information on excluded accounts under the Common Reporting Standard. The newly published regulations provide that dormant accounts will be excluded for the purposes of CRS reporting. The definition of a “dormant account,” in addition to the conditions for ceasing to be classified as dormant, is explained in detail within these […]

Read More
IRS Publishes FAQs for FFI Agreement Renewal

The IRS has published Frequently Asked Questions regarding the FFI agreement renewal. The deadline for the renewal is July 31, 2017, and the obligation to renew applies to Participating FFIs not covered by an IGA, Reporting FFIs under a Model 2 IGA, and Registered Deemed-Compliant FFIs that are Reporting FFIs under a Model 1 IGA operating branches […]

Read More
South Africa Issues Reminder Regarding AEOI Penalties

The South Africa Revenue Service (SARS) recently issued a reminder on their main AEOI site that reporting financial institutions (RFIs) may be liable for administrative penalties if they missed the filing deadline of May 31, 2017 for FATCA and CRS reporting. RFIs may be liable for administrative penalties if there is a failure to report in a […]

Read More
British Virgin Islands Extends CRS Reporting Due Date

The British Virgin Island’s Ministry of Finance recently announced an extension for reporting under the Common Reporting Standard (CRS).  CRS reporting had previously been due July 31, but a in a June 28 press release, the Ministry announced the due date will be August 18 for reporting 2016 information.  CDOT information, now reported as part […]

Read More
Curacao Publishes Revised AEOI Manual and Online Portal Guide

Curacao’s Ministry of Finance has released FATCA and CRS guidance regarding data specifications for XML transmittals and use of the online financial data exchange portal. The Manual of Automatic Exchange of Information, which provides information for both FATCA and CRS transmittals, has been revised to reflect the following updates: The AccountReport – Payment element has been updated to […]

Read More
LA House Bill 629 becomes Act No. 424

On June 26, 2017, Governor John Bell Edwards signed House Bill 629 into law (Act No. 424).  Under this Act, polyroll tubing for commercial farm irrigation is now exempt from tax, as well as purchases and leases by qualifying radiation therapy treatment centers.  Act No. 424 also limits the exemption for fuels and gases to […]

Read More
IRS Releases Bulletin No. 2017-26 Highlighting Certain Information Return Updates and Changes

The IRS recently released Bulletin No. 2017-26. The bulletin is noteworthy particularly because part of this Bulletin will be repurposed into Publication 1179. Below is a list of the changes the IRS has specifically highlighted for attention: Vendor code. The use of a vendor code is encouraged in place of a form printer EINs. See Section […]

Read More
IRS Releases 2017 Guam Wage & Tax Statement

The IRS recently published the 2017 version of Form W-2GU, the Guam Wage and Tax Statement. This form is used to report Guam wages, and should not be used to report wages subject to U.S. income tax withholding. While the form itself remains the same, there are minor changes made to the instructions attached to […]

Read More
IRS Releases Publication 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns

The IRS has released an updated Publication 1179 for Tax Year 2017. This publication provides guidelines for those who create and provide substitute information returns to follow.  There are a few changes from the previous revision: Vendor codes The use of a vendor code is encouraged in place of a form printer EINs The 4-digit […]

Read More
LA restores the sales and use tax exemption for medical devices.

Last year, Louisiana re-vamped their tax code, and among the changes imposed was that medical devices went from being exempt to being taxed at a 3% rate.  This change was scheduled to expire on July 1, 2018.  However, on June 23, 2017, Governor John Bell Edwards signed Senate Bill 180 into law (Act No. 426). […]

Read More
Cook County Court Blocks Sweetened Beverage Tax

Just a day before it was slated to take effect, a Cook County Circuit Court granted an emergency motion that temporarily bars the enforcement of the Sweetened Beverage Tax. The ordinance, which was passed last November, would have imposed a $.01 per ounce tax on virtually all sales of sweetened beverages (and beverage syrups) in […]

Read More
Colorado Finalizes Emergency Rule on Reporting for Non Collecting Retailers

As previously reported in this forum, on July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. In the last few days, Colorado moved to finalize the details as to how the rule will be enforced, which are described in Emergency Rule 39.21-112.35. This law requires retailers that do not […]

Read More