Regulatory Analysis
Utah's Department of Revenue recently published a 2017 version of Publication 58, which addresses Utah interest and penalties. The interest rate for taxes and fees will continue to hold at 3% for 2018. There have been no changes to any penalties.
The IRS has released the 2018 revisions of Form 1099-OID, Form 1099-INT, and Instructions for Forms 1099-OID and 1099-INT. Below you’ll find the changes present in each form and the associated instructions. Form 1099-OID “PAYER’S federal identification number” and “RECIPIENT’S identification number” is now “PAYER’S TIN” and “RECIPIENT’S TIN” Form 1099-INT “PAYER’S federal identification number” […]
Nebraska’s Department of Revenue has released copies of the W-3N and Amended W-3N for tax year 2017. The revised forms reflect a due date of January 31, 2018 for the documents to be filed with the Department; in prior years, the forms were due to the Department by February 1. Because the W-3N must be […]
The IRS recently updated the Instructions for Forms 3921 and 3922. The instructions state that filers may truncate a recipient's TIN on payee statements. However, truncation is not allowed on any documents the filer files with the IRS. The payer's TIN may not be truncated on any form.
New Zealand has released a factsheet detailing the obligations New Zealand financial institutions to meet FATCA reporting requirements as well as penalties associated with failing to meet those requirements. To view the factsheet, please click here.
The Russian Duma has drafted preliminary legislation to comply with CRS through guidance notes and implementation notes. The law underwent its first reading in the Duma on September 20, 2017. The approximate date of the second reading is October 19, 2017. It is currently expected that the law will enter into force on January 1, […]
Hong Kong's Inland Revenue Department released Amendment No. 5 Bill 2017 (Amendment Bill), which paves the way for Hong Kong's participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MCMAA), to align the Inland Revenue Ordnance (IRO) with the CRS promulgated by the OECD. Key aspects of the Amendment Bill include language […]
On October 13, 2017, Singapore released Version 1.0 of the XML Schema necessary to comply with CRS reporting requirements as well as Guidance Notes to accompany the Schema. The Guidance Notes largely follows the CRS User Guide Version 2.0 found in Annex 3 of the Common Reporting Standard, but provides more details on how information […]
The IRS recently published Notice 2017-174, which reminds all Foreign Financial Institutions (FFIs) that the due date for renewing agreements is October 24, 2017. The renewal process applies to all Participating FFIs not covered by an IGSA, reporting FFIs under a Model 2 IGA, and Reporting Model 1 FFIs with operating branches outside of Model […]
The IRS recently published an updated version of Form 3921. The new form permits TIN truncation of a payee's TIN in the recipient copy. However, TINs may not be truncated when submitting the form to the IRS. In addition, Copies B, C, and D of Form 3921 have been made fillable on-line in the PDF […]
Members of both the House and Senate are currently discussing the “Commonsense Reporting Act of 2017,” a bill that seeks to “streamline and modernize employer reporting requirements” under the Affordable Care Act. To accomplish this goal, the legislation would have the following ramifications: Permits employers to voluntarily report general information to the IRS prospectively to […]
The IRS released updated Form 945 and the Instructions to Form 945. While there are no substantive changes to the form, the Instructions establish new filing addresses for employers in Georgia, Illinois, Kentucky, Michigan, Tennessee, and Wisconsin. For employers who are not making payments while filing, all filings should be mailed to: Department of […]
The IRS has released a revised version of Form 8809, Application for Extension of Time to File Information Returns. There are some changes from the previous revision of the form, particularly regarding the process of requesting an extension of time for Form W-2 or for requesting an additional extension of time: The instructions for […]
Iowa recently announced software vendor registration is open for those who support electronic transmission of W-2 wage statements and/or 1099 Information Return file formats. Registration is now open for tax year 2017, and applicants must fill out and submit the e-File Vendor Registration Form by November 1, 2017. The Department of Revenue also released an updated version of […]
The Cook County (Illinois) Board of Commissioners voted to repeal the recently enacted sweetened beverage tax. The tax will remain effective until December 1, 2017 after which retailers will no longer be required to collect the tax. The sweetened beverage tax consisted of a $0.01 tax on each ounce of sweetened beverage sold at retail […]
U.S. Senator Steve Daines (R-MT) has introduced Senate Bill 1898, the “Repeal and Refund Act,” a bill that seeks to retroactively repeal the individual mandate for health insurance. Through this bill, Americans who paid penalties for not having insurance coverage would be refunded. Currently, Senate Bill 1898 is still in committee and has no cosponsors.
The House of Representatives is currently discussing H.R.3717, the “Small Business Owners’ Tax Simplification Act of 2017.” The purported aim of the bill would be to avoid burdening small business owners and to improve compliance. The bill would seek to accomplish through changing the reporting thresholds of both Form 1099-MISC (something that hasn’t been done […]
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 […]