Regulatory Analysis
The government of Jersey has published amendments to its previously enacted CRS regulations. The amendments relate to Schedule 2 and Schedule 3 of the regulations, which list the early adopter participating jurisdictions and the late adopter participating jurisdictions, respectively. The lists have been revised to reflect the current official OECD list of jurisdictions that have committed to […]
The IRS has released a draft version of 2017’s Form 8966. The Form is intended for certain types of financial institutions to use in lieu of electronic reporting. The Form contains no substantive changes to last year’s edition. This might suggest that there will likely not be many changes to the specifications of the IRS XML […]
Last week, IRS added two FAQs to its IDES Technical FAQ page. Those questions, E23 and E24, concern the use of certificates for reporting via IDES. In particular, the IRS advises that if a filer has a valid certificate from an approved certificate authority, it may chose to continue using even if that authority is no […]
The Inland Revenue Authority of Singapore recently published two updates to their FATCA page. The first update is a reminder that the filing deadline for reporting Singapore FIs passed on May 31, 2017 for the 2016 reporting year. All FIs who have not done so must report 2016 information immediately, and due to the delay […]
Arizona’s Department of Revenue has recently released a revision to its Joint Tax Application, the JT-1. The Application is used to license a new business or record a change in ownership of a business within the state. The updated Application now has instructions for determining frequency of filing for use in Section C, Box 4 […]
Earlier this week after approving the Motion to Proceed, the Senate took up two different ACA repeal bills. Both the Better Care Reconciliation Act and the House’s “repeal and delay” bills were defeated after failing to gain enough support from Republicans. Nine Republican Senators voted against the “repeal and replace,” while seven voted against “repeal […]
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 […]
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 […]
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 […]
The Missouri Department of Revenue (DOR) implemented a new integrated tax system for filing the 53-1 (Sales and Use Tax Return form), 53-C (Consumers use Tax Return form) and 53-V (Vendors Use Tax Return form). The new standards are for use after August 1, 2017. The system will provide the DOR the ability to scan […]
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 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 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 […]
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 […]
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 […]
Illinois’s Department of Revenue has lately released new tax tables and a new withholding allowance certificate in conjunction with it an increase in the state’s tax rate. Effective July 1, 2017, the income tax rate in Illinois is 4.95%, increased from 3.75%. Booklet IL-700-T, “Illinois Withholding Tax Tables,” has been updated effective July 1, […]
At last week’s G20 summit, OECD Secretary General Angel Gurría reported to world leaders that the past year has seen progress on multiple fronts in the fight against tax avoidance and evasion – thanks in large part to the Convention on Mutual Administrative Assistance in Tax Matters. The official report explores the key areas of progress, including the […]