Regulatory Analysis
California recently released an updated version of Form DE-9, the Quarterly Contribution Return and Report of Wages. This form is issued by the Employment Development Department, and is used by employers in California to report wages and withholdings on a quarterly basis. This new version makes no changes to the form itself. However, the […]
On June 8th, the Republic of Croatia submitted a final proposal to the European Commission, requesting a derogation from the EU VAT Directive regarding threshold amounts for tax application on small enterprises. This derogation would allow Croatia to exempt from VAT taxable persons whose annual turnover is EUR 45 000, effective January 1, 2018. Under Article […]
The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compliance Validation (ACV) System, which is now expected to be implemented in May 2017. Employers should be aware that this delay does not impact their reporting obligations and potential liabilities for penalties. The ACV system’s purpose is to determine compliance […]
The amended American Health Care Act (AHCA) passed by the House expanded upon the prior version, but made certain adjustments providing individual states more flexibility in shaping and regulating their own insurance markets. The new bill also appropriates $8 billion over five years to subsidize coverage for pre-existing conditions in an attempt to offset the fiscal impacts of permitting […]
If the American Health Care Act (AHCA) becomes law, the IRS would expect employers to report as they did under the ACA. The IRS would also continue to enforce penalties for late, missing, inaccurate and incomplete information returns. Even with the bill’s nullification of Employer Mandate penalties, reporting would remain mandatory in its current […]
Congressman Tom MacArthur has authored an amendment to the American Health Care Act (AHCA) that would provide greater flexibility to states by allowing them to request waivers from any of three key AHCA provisions: The 5:1 Age Rating Ratio: The age rating ratio, which is already being increased from 3:1 to 5:1, will be […]
Proposed ACA replacement legislation, entitled the American Health Care Act (AHCA), aims to dismantle the employer mandate by zeroing out the associated penalties. Despite this, the AHCA maintains both employer and insurer reporting requirements. There are seven high-level changes to the current law that the AHCA will seek to impose: Nullify Individual Mandate […]
Senate negotiations regarding the fate of the American Health Care Act are continuing in spite of the discord among and between Democrats and Republicans on a number of provisions in the bill. Much of the roadblocks at this point are procedural in nature regarding the Reconciliation rules. A failure to comply with Reconciliation requirements would […]
On Thursday, June 8, 2017, the United Kingdom held its general election for Parliamentary seats, and the election concluded with shocking results, leaving the U.K. with no overall majority in the House of Commons. The report of the results was a disappointment for Prime Minister Theresa May, who was hoping to increase her Conservative Party’s majority, […]
The Isle of Man recently issued an AEOI Industry Advisory Notice. Therein, the Treasury reminded filers that FATCA and CRS reporting will be due June 30. The notice also stated that filing entities should be registered to file by June 21. Doing so after that date might not allow the Treasury enough time to […]
Pakistan’s Ministry of Finance has joined the Common Reporting Standard by signing on to the Multilateral Competent Authority Agreement (MCAA), bringing the total number of signatories to 90 countries. As such, Pakistan will aim to begin the Automatic Exchange of Information (AEOI) for its reportable accounts in 2018. By signing on to this agreement, […]
The Panamanian Ministry of Economy and Finance has released additional information regarding its implementation of the Common Reporting Standard (CRS). A late adopter, Panama has committed to commencing exchanges in 2018. Panama has ratified secondary legislation for the implementation of CRS – the final legislative step in imposing the duty to report on Panamanian […]
The Guatemalan government has adopted the Convention on Mutual Administrative Assistance in Tax Matters in a move to demonstrate its commitment to tax transparency and remove itself from a “blacklist” of international tax havens. Once it takes the necessary legislative steps to implement the OECD programs, Guatemala will be able to exchange information with […]
The Curacao Financial Data Exchange Portal is now open for the FATCA XML file testing period. The testing period, which was originally scheduled to begin on May 29, was delayed due to technical difficulties. As such, the data delivery functionality and reporting deadlines will also be delayed to dates which will be determined at a […]
The Cypriot Ministry of Finance has announced that its Government Internet Security Channel is now open for the acceptance of FATCA and CRS XML files containing tax year 2016 data. The reporting process consists of the following steps: Subscribe to the Internet Security Channel if you are not already registered Register to the […]
Rhode Island recently updated their reporting frequency schedule to exclude the annual reporting frequency. The update to the 2017 Employer’s Income Tax Withholding Tables and the removal of Form RI-941A from the Department of Revenue website confirm that filers previously on an annual reporting schedule must switch to one of the remaining reporting schedules – […]
The Indian Central Board of Excise and Customs has published the final GST return formats and return rules on its website as of June 3rd, 2017. GST return formats maybe found here. GST return rules may be found here. Full implementation of GST in India takes effect on July 1, 2017. The post India Publishes Final […]
Effective July 1,2017, five jurisdictions in Arkansas will either increase or decrease their sales and use tax rates. The locations impacted by this change include, the city of Eureka Springs, which is decreasing the sales and use tax rate to 2.25%; the city of Lamar, which is increasing the rate to 2.0%; the city of […]