Regulatory Analysis

North Carolina has released the 2017 eNC3 W-2 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year.   There are some changes from the previous revision: […]

Canada recently released an updated version of their Form T4A, Statement of Pension, Retirement, Annuity, and Other Income, along with a guide for filling out and submitting Form T4A, Publication RC4157. Form T4A is used by payers to report payments from pensions, annuities, and other similarly situated payment types to the Canadian Revenue Agency.   […]

The IRS has updated Form W-9. Form W-9 is used by filers to request correct TIN information in order to file information reports with the IRS. There are number of changes from the previous revision:   Form W-9 Changes Box 3 Note has changed “Check the appropriate box in the line above for the tax […]

Canada recently published an updated version of the Statement of Amounts Paid or Credited to Non-Residents of Canada (Form NR4). Form NR4 must be filed by payers who are responsible for withholding and remitting tax under Part XIII withholding for non-resident income earners.   While the form and codes remain largely the same from the […]

Montana has released Form MW-3, the Annual W-2/1099 Withholding Tax Reconciliation Form. There were no changes made to the form itself, but as a reminder the due date for filing Forms MW-3, W-2, and 1099 is now January 31 regardless if filing electronically or by paper.   To view the new MW-3, please click here.

Puerto Rico has released Publication 17-04, which contains the specifications for Form 499R-2/W-2PR reporting. There are a number of changes from last year’s release:   Modified Fields Exempt Salaries Code (Box 16), (RS State Record, positions 442-443). Blank field (RS State Record, positions 444-449), (can be filled with blanks or zeros). Updated Reporting Requirements When […]

The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs) when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once […]

Lithuania recently released Specifications for CRS reporting.  The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured. 

Singapore has updated its CRS FAQs. The updated FAQs provide revised guidance on determining whether the holder of a new account is a reportable person. The FAQ directs Financial Institutions to obtain self-certification for the purposes of reporting when an account is opened if the account is to be treated as a preexisting account or […]

The National Tax Agency of Japan issued an updated version of its "Reporting System for Automatic Exchange of Financial Account Information on Nonresidents (Provision of Reporting Matter)" FAQs which provides Japanese FIs with technical descriptions and specifications for reporting under CRS.  The updated FAQs expand on details of advance preparation setup for CRS Returns, and […]

Jersey recently updated its CRS Guidance Notes. The revised Guidance Notes provides links to updated regulations and summaries thereof. The Notes also advise that Jersey is adopting the UK's guidance regarding Employee Benefit Trusts (EBTs).  

The Model 1B IGA between Turkmenistan and the United States has entered into force.  Model 1B IGAs create a non-reciprocal reporting obligation between the tax authority of Turkmenistan and the United States. Turkmenistan has not released any further guidance at this time.

Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions. The updated chapter clarifies the procedure for seeking self-certification, reminding FIs that self-certification should be both obtained and validated within a period of 90 days after the FI has knowledge that a new account […]

The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format. While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates […]

Ohio's Department of Taxation recently published the 2017 W-2 Filing Specifications.  The Department of Taxation accepts W-2 and 1099-R data in CD-ROM format.   There are several key changes from last year's specifications that should be noted:    A new box 12 Code FF money field, Permitted Benefits Under a Qualified Small Employer Health Reimbursement Arrangement […]

Arkansas recently published an updated version of its Specifications for Filing W-2 & 1099 Forms Electronically. These specifications are used to submit withholding tax data to the Arkansas Department of Finance and Administration in an electronic format. While the actual specifications remain unchanged from 2016, there is one significant change for tax year 2017: W-2 […]

Connecticut recently updated the CT Withholding Certificate for Pension or Annuity Payments (Form CT-W4P). This form is used to report withholding on taxable pension and annuity distributions that payers are required to withhold on. The form has been completely overhauled due to a change in the law requiring withholding on pension and annuity distributions. House […]

D.C. has released its 2018 EFT Payment Guide. Much of the guide remains the same as last year’s revision. Changes include new instructions that Official Payments (OPAY) allows a limit of $100,000 including the processing fee, and if the payment and the processing fee exceed $100,000 then the payment must be split. Additionally, contact information […]