Regulatory Analysis
The IRS recently published a reminder to foreign financial institutions (FFIs) to renew their FFI agreements. In IR-2017-153, the IRS warns FFIs that if they do not complete their renewal of their FFI agreement by October 24, 2017, they will be treated as having terminated their FFI agreement as of January 1, 2017. This means any […]
In a posting on their website, the Arizona Department of Revenue announced that Forms A1-R and A1-APR (and any relevant 1099/W-2G/W-2 forms) will be due January 31, 2018 for tax year 2017. This change is effective for tax year 2017 and forward, and brings the filing date in line with the federal standard. While the Arizona DOR […]
Singapore’s Inland Revenue Authority announced it will be opening registration for CRS on August 31. Reporting Singaporean financial institutions must register between August 31 and March 31, 2018 to ensure they can file CRS reports with the IRA in 2018, the first year Singapore has committed to CRS reporting. Reporting will be due by May […]
In a August 30 revision to its AEOI News & Updates, Cayman Islands’ Tax Information Authority announced it will leave its AEOI portal open until 4pm local time, September 13 “to accept late registrations, variations, reporting and filing declarations….” Prior language that the deadline for submission of FATCA and CRS reportings were due August 31 […]
Minnesota recently published an updated version of Form ABR, Application for Business Registration. This form is used by active businesses to register with the Minnesota Department of Revenue for a multitude of tax purposes, including withholding tax. There are only minor changes to the form in this most recent update, which include the following: Section […]
California’s Employment Development Department has revised its publication DE 532. This document provides instructions on how to set up an ACH payment to the Department. The publication had previously been titled “Information for your Bank,” and is now titled “Automated Clearing House (ACH) Credit Information Guide.” The revised edition provides more detailed information on arranging […]
The Sixth Circuit for the United States recently upheld a dismissal of a suit brought by individuals challenging the legitimacy of FATCA. Plaintiffs argued that FATCA’s enforcement should be enjoined under a variety of reasons, including the requirement that the IGAs be ratified through the US Senate. The Circuit Court upheld the District Court’s dismissal […]
The Hawaii Legislature has passed Senate Bill 1007. This bill changes the filing frequency for withholding tax to a uniform quarterly filing frequency. Prior to this bill, only employers with withholding liabilities of $5,000 or less were allowed to file returns quarterly. Despite the change in filing frequency, the payment frequency of withholding taxes remains […]
The British Virgin Islands recently issued a press release extending the reporting deadline for FIs from August 18, 2017 to September 1, 2017. This extension applies to FIs reporting under the CRS and UK CDOT agreements, and is being granted because the BVI Financial Account Reporting System (BVIFARS) is down as a result of a Tropical […]
The D.C Office of Tax & Revenue (OTR) recently published two updates to instructions for annual withholding forms. These instructions are used to properly fill out and file their respective forms. The first set of updated instructions is for Form FR-900A, the Employer/Payer Withholding Tax Annual Return. Generally, the OTR reminds filers they will be […]
Puerto Rico has released 2017 versions of Form SC 2720, Form 499R-2/W-2PR, Form 499R-2c/W-2cPR. While there are some slight changes in wording and updated contact information to the newly released forms, the most significant change is the addition of a new Code F to Form 499R-2/W-2PR. Code F is an exemption code that applies to […]
As part of the implementation of the new Supply of Information System (locally known as SII), the Spanish Tax Administration (AEAT) released an online tool designed to help calculate deadlines for reporting issued and received invoices. On August 9, 2017, the AEAT released an enhancement to that tool that will help calculate deadlines for reporting corrective […]
The Government of Anguilla recently released the first edition of its CRS guidance notes. As noted in the guidance itself, these notes are meant to provide general instruction and information about CRS that are specific to Anguilla. Moreover, these notes provide helpful information to Anguilla’s Financial Institutions to complete their due diligence and reporting obligations […]
This week, US Treasury announced it has signed a Model 1 IGA with Turkmenistan. Previously, Turkmenistan was considered to have an agreement “In-Substance.” The IGA is a 1B type, meaning that the United States will not share tax information with Turkmenistan.
Through an update to its FAQs, IRS announced it will extend the deadline to renew the FFI Agreement from July 31 to October 24. Foreign Financial Institutions in Model 2 or Non-IGA countries are required to sign and adhere to the terms of the Agreement to be considered Participating. Should an FFI not sign the Agreement, […]
Missouri recently announced through their Withholding Tax FAQs that employers with more than 250 employees must file their W-2 forms with Form MO W-3 electronically by January 31, 2018 (for tax year 2017). This announcement advances the due date for W-2 filing by one month to bring the MO due date in line with the federal deadline. For additional […]
The IRS has released its 2018 Draft Form 1098, Mortgage Interest Statement. There have been a number of changes to the form since its previous revision: “RECIPIENT’S/LENDER’S federal identification number” and “PAYER’S/BORROWER’S taxpayer identification no.” fields have been renamed to “RECIPIENT’S/LENDER’S TIN” and “PAYER’S/BORROWER’S TIN” respectively Wording in Box 7 has been changed: “If address […]
The Arizona Department of Revenue has released its 2017 version of Form A1-WP, Payment of Arizona Income Tax Withheld, which withholding agents should file to the Department along with each payment of withholding tax. Only employers who are required to make more than one Arizona withholding payment per calendar year, and who do not pay by […]