Regulatory Analysis
The Bermuda Ministry of Finance has confirmed reports that Bermuda will be phasing out of CDOT. The Bermuda Ministry of Finance currently has plans to move to a CRS-only reporting model as it begins to shift from its current CDOT IGA Model 2 status. This means that, from 2018 onward, there will no longer be an option […]
Cyprus recently announced that the submission deadline for country-by-country reporting for accounting years between January 1 2016 to October 20 2016 is extended until November 20, 2017. Submission may be completed through the Cyprus's CRS reporting portal, Ariadni.
The IRS has released the 2017 Instructions for Forms 1094-B and 1095-B. There are a couple of changes from their respective previous revisions: Changes to 2017 Instructions for Forms 1094-B and 1095-B New Instructions Paper returns filed with the IRS must be printed in landscape format Penalties have increased slightly this year For returns required […]
The IRS has released the 2017 Instructions for Forms 1094-C and 1095-C. There are a couple of changes from their respective previous revisions: Changes to 2017 Instructions for Forms 1094-C and 1095-C Now there is no section 4980H transition relief available for 2017 The instructions have thus removed discussion of section 4980H transition relief, […]
The IRS has released its 2017 versions of Forms 1094-B, 1094-C, 1095-B, and 1095-C. There were no changes to Form 1094-B. Form 1094-C had two changes: The removal of selection C, “Section 4980H Transition Relief,” from Line 22, and the removal of column (e) “Section 4980H Transition Relief Indicator” from Part III. There are no […]
Montana's Department of Revenue updated its Business Registration (“GenReg”) form. The updated form gives businesses the opportunity to register as a trust, if appropriate, as well as provides more expansive options for LLCs, so as to allow for more accurate information reporting. The form also allows for online registration for W-2 and 1099 withholding, mineral […]
North Carolina’s Department of Revenue recently updated their reporting requirements for filing W-2 and 1099 information. Per an announcement on the eNC3 website, the CD ROM specifications previously used for W-2 and 1099 reporting (DP-43 and DP-40, respectively) are no longer no longer valid. Instead, electronic filers must use the eNC3 specifications listed on the eNC3 […]
The Puerto Rico Hacienda modified an announcement initially made via their Facebook page several days ago that substantially limits the suspension of their requirement to make bi-monthly pre-payments of sales tax. Specifically, Hacienda issued Administrative Determination 17-15 on October 2. The Determination indeed suspends the bi-weekly pre-payment of sales tax, but only for medium and […]
On October 1, 2017, the Catalonian region of Spain held a referendum on independence. While the Spanish Supreme Court declared the vote unconstitutional and Spain does not recognize the result as legally binding, the vote was held and the results were that an overwhelming majority of Catalan voters expressed a clear desire to become an […]
The Mexican President has issued a Decree by which taxpayers that were affected by the earthquake of September 19 in the municipalities of the states of Guerrero, Mexico, Morelos, Oaxaca, Puebla, Tlaxcala, as well as in Mexico City, will be allowed to pay the VAT due on transactions carried out during the months of September, […]
On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The "cornerstone" principles of the Commission's approach are: Combating VAT fraud and reducing the €150 billion VAT Gap Establishing a "One Stop Shop" for cross-border trade Consistently applying the "destination principle" for VAT […]
The ENCAT recently released Version 1.31 of the Technical Note 2016/002 relating to the Nota Fiscal Electronica Version 4.0. The revised notice specifies that the final effective date of the NFe 4.0 is postponed from October 2 until November 6, 2017. The planned "sun-setting" of Version 3.1 has not changed and continues to be April […]
The Treasury Department of Puerto Rico (Hacienda) has suspended the requirement to remit the regularly scheduled pre-payments of sales tax due for transactions taking place during August 2017. As has been the case recently, the announcement was made via the Hacienda Facebook Page. Details are scant aside from a notation indicating that the suspension will […]
On the heels of enacting Regulation 830 CMR 64H.1.7, which details how e-commerce sellers may have a sales tax collection and remittance obligation in Massachusetts, a Massachusetts judge has ordered Amazon.com to disclose the identity of all third-party sellers who utilize the Amazon marketplace and had their inventory stored in the Amazon warehouse facility in […]
The Massachusetts Department of Revenue released the finalized version of 830 CMR 64H.1.7 on September 22, 2017. The finalized regulation contains much the same (but not identical) language as the proposed regulation which in-turn borrowed heavily from the previously rescinded Directive 17.1. Throughout these machinations, the purpose has always remained the same – utilizing existing […]
While official guidance remains difficult to obtain, news from Puerto Rico indicates that the Governor has issued an Executive Order establishing that all donations sent to the island can clear customs free of use tax and any other local tax. According to the information provided by the Secretary of the Treasury, for the exemption to […]
The IRS has released Publication 1220 for Tax Year 2017. There are a number of changes from the previous version. Specifically, several forms now have new field positions or instructions, the list of states that participate in the IRS’ Combined Federal/State Filing Program has been updated, instructions for the FIRE System have been updated, […]
Connecticut recently released an updated version of CT-945, Annual Reconciliation of Withholding for Non-payroll Amounts (for TY 2017). CT-945 is the state-specific reconciliation form that is filed annually to report non-payroll amounts subject to Connecticut income tax withholding. There is one important change to the most recent version of this form, which has to do […]