Rhode Island recently updated their reporting frequency schedule to exclude the annual reporting frequency. The update to the 2017 Employer’s Income Tax Withholding Tables and the removal of Form RI-941A from the Department of Revenue website confirm that filers previously on an annual reporting schedule must switch to one of the remaining reporting schedules – […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos Regulatory Analysis team continually monitors new regulations and updates across the globe and publishes them in our Regulatory Feed. Here are some important changes that occurred in recent weeks: IRS Releases Draft Instructions for FATCA […]
The IRS has published an updated version of its FATCA Online Registration User Guide. The purpose of this publication is to guide Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) to register themselves and their branches as a Participating Foreign Financial Institution (PFFI), a Registered Deemed-Complaint FFI (RDCFFI), a Sponsoring Entity, a Direct Reporting […]
The Croatian Tax Administration has issued a revision of its Web Application User Manual to be used in conjunction with FATCA transmittals. The Manual has two substantive updates that should be noted: The Manual now includes a link to access the web application’s production environment for transmitting FATCA XML files to the competent authority. The […]
Montana recently announced in its Employers’ Withholding Tax Guide that they have moved up their reporting due date for forms with Montana state withholding. Forms MW-3, W-2, and 1099s with Montana state withholding are now due by January 31st. Previously, these forms were due on February 28th.
The short-lived American Health Care Act (AHCA) legislation came to an anticlimactic end, as Congress neglected to hold a vote on the bill after failing to gain adequate support. President Trump’s executive order to “ease the burdens” of the ACA still stands, and executive agencies including the IRS and the Department of Health and Human Services […]
The Thai Revenue Department has released a previously given presentation that provides details on the process of submitting FATCA transmittals in Thailand. The presentation offers instructions on the FATCA IGA generally, sending a report file via IDES, and preparing a report file according to the FATCA XML Schema v2.0. SinceThailand has adopted a Model 1, […]
The IRS has published the 2017 draft of the Instructions for Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration. The purpose of this publication is to provide guidance to Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) in registering themselves and their branches (if applicable) as one of the following: Participating Foreign Financial […]
Pennsylvania recently released an updated Form PA-100, the Enterprise Registration Form and Instructions. This form is used by enterprise businesses to register with the state for certain taxes and services administered by the Pennsylvania Department of Revenue and Department of Labor & Industry. For the purposes of this form, “enterprise” does not indicate size of […]
The New Jersey Division of Taxation has released an updated version of its Form NJ-W-4P, Certificate of Voluntary Withholding of New Jersey Gross Income Tax from Pension and Annuity Payments. Pensioners and annuitants may use this form to instruct the payer withholding New Jersey Income Tax rather than making estimated tax payments. The form itself […]
Pennsylvania recently updated the file imports for their W-2 Employee Wage Records and 1099-MISC Distribution. These file imports are used by employers to report W-2 and 1099-MISC data to the Pennsylvania Department of Revenue. The changes made are as follows: Employer W-2 Employee Wage Records: For the Fields “PA Income Tax Withheld”, “Taxable Compensation”, and […]
Guernsey recently published Bulletin 2017/3, detailing how Trustee Documented Trusts (“TDT”) must report under the Common Reporting Standard (“CRS”). This bulletin provides guidance on the format for electronic reporting through the Information Gateway Online Reporter (IGOR), the Guernsey electronic reporting portal. While trusts would ordinarily be considered Reporting Financial Institutions (RFIs) under Schedule 2 of […]
On May 15, Costa Rica released additional documentation for reporting under FATCA 2.0. The documentation include Client Configuration Guide v 2.0, a user guide for the FATCA reporting site, and example XML files according to the 2.0 standard. These documents provide essential guidance for parties needing to file FATCA returns with Costa Rica. To review […]
The State of Washington has passed new legislation which provides an exemption for materials incorporated into and services rendered in respect to adapted housing for disabled veterans from retail sales tax. The exemption only applies to construction projects for disabled veterans approved by the United States Department of Veteran Affairs. The exemption will be in […]
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will […]
The Spanish Tax Administration has updated its XML guidance for submitting FATCA returns. There is only one significant revision of which filers should take note. It provides a web address for the consultation of presentations made in the preproduction test environment. In order to access this page, the filer will need to have a digital […]
The Spanish Tax Administration has published additional answers to Frequently Asked Questions regarding FATCA and CRS reporting. The questions address specific circumstances – under both FATCA and CRS – in which a Financial Institution is obligated to carry out blocking of a financial account for both entities and natural persons: A Financial Institution must block […]