Regulatory Analysis
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 German Tax Office has published a new Infobrief containing information relevant to this year’s CRS filing season. The Infobrief covers a variety of topics, including the following: Opening of CRS production environment: Filers are now able to transmit CRS data as of June 1, 2017. The portal will be open for transmittals through […]
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. […]
In response to the submissions made through the OECD disclosure facility, Hong Kong’s Inland Revenue Department has published guidance for the use of Occupational Retirement Schemes. In part, the guidance instructs that only those schemes registered under the proper ordinance are considered non-reporting financial institutions. The post Hong Kong Publishes Instructions for Occupational Retirement Schemes […]
Portugal has released guidance for the proper formatting of FATCA XML returns. Portuguese Financial Institutions should review the document before the July 31 due date to ensure that their return will be compliant. The post Portugal Releases FATCA Schema Guidance appeared first on Sovos.
Bulgaria has recently announced that it will require its Reporting Financial Institutions to use the schema designed by the OECD for this month’s CRS reporting. On its AEOI website, Bulgaria has provided samples and schema files to assist. In addition, there is a list of Reportable Jurisdictions published. As a reminder, CRS reports are due […]
Last month, the OECD launched its public disclosure facility in order for interested parties to submit potential schemes they believe are being used to circumvent the Common Reporting Standard. The facility’s goal is to understand these schemes or loopholes to further strengthen CRS’s effectiveness in promoting greater transparency. Within a month, the OECD had received […]
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 post Montana Moves Up W-2 and 1099 […]
Guernsey has announced (Bulletin 2017/4) that it will push back its CRS deadline to July 31. Please note, the deadline is only expected to be for this year’s reporting. Moreover, the FATCA deadline (June 30) remains in place. The post Guernsey Gives CRS Extension to July 31 appeared first on Sovos.
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 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 […]
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 Belgian parliament is currently debating a bill that would grant VAT enforcement authorities the power to attach property implicated in willful tax evasion. According to the Commission of Finance and Budget, such attachment will follow the common law regarding seizures. At this time, there is no indication of when the bill will enter into force […]
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 Turks and Caicos Islands Exchange of Information Unit has published a set of guidance notes for the implementation of the Common Reporting Standard and related domestic legislation. The guidance addresses a wide range of AEOI topics, including the following: Operation of CRS in Turks and Caicos Treatment of investment manager/adviser financial accounts […]
The UK HMRC has updated its list of CRS Reportable Jurisdictions in order to remove three countries from the list: Barbados, Curacao, and Niue. HMRC has decided that it will not be sharing financial account information with these three jurisdictions at this time. Financial Institutions may still send reports to HMRC containing data for […]
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”, […]
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 […]