Regulatory Analysis
The Kentucky Department of Revenue recently released updated Electronic Specifications for the Submission of W-2 and 1099 Reports. These specifications are used by taxpayers to transmit W-2 and 1099 information to the Kentucky DOR in a certain format. While the changes to the W-2 Specifications were minor, the 1099 & W-2G specifications experienced several updates […]
Hong Kong's Inland Revenue Department recently updated Chapter 10 (Due Diligence: New Individual Accounts) of the AEOI Guidance for Financial Institutions. The updated chapter clarifies the procedure for seeking self-certification, reminding FIs that self-certification should be both obtained and validated within a period of 90 days after the FI has knowledge that a new account […]
The Model 1B IGA between Turkmenistan and the United States has entered into force. Model 1B IGAs create a non-reciprocal reporting obligation between the tax authority of Turkmenistan and the United States. Turkmenistan has not released any further guidance at this time.
Jersey recently updated its CRS Guidance Notes. The revised Guidance Notes provides links to updated regulations and summaries thereof. The Notes also advise that Jersey is adopting the UK's guidance regarding Employee Benefit Trusts (EBTs).
The National Tax Agency of Japan issued an updated version of its "Reporting System for Automatic Exchange of Financial Account Information on Nonresidents (Provision of Reporting Matter)" FAQs which provides Japanese FIs with technical descriptions and specifications for reporting under CRS. The updated FAQs expand on details of advance preparation setup for CRS Returns, and […]
Singapore has updated its CRS FAQs. The updated FAQs provide revised guidance on determining whether the holder of a new account is a reportable person. The FAQ directs Financial Institutions to obtain self-certification for the purposes of reporting when an account is opened if the account is to be treated as a preexisting account or […]
Lithuania recently released Specifications for CRS reporting. The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured.
The British Virgin Islands (BVI) have announced that the BVI Financial Account Reporting System (BVIFARS) remains offline at this time, and a Press Release will be issued to inform Financial Institutions (FIs) when the system will be back online. FIs who have not yet submitted their filings will be able to submit their filings once […]
The Governor of Pennsylvania has recently signed the fiscal year revenue plan proposed under PA House Bill 542. The plan, which was the product of a spirited debate, creates new compliance obligations on remote sellers. Specifically, the new law requires many marketplace facilitators, marketplace sellers, and remote sellers to notify purchasers of their obligation to […]
Congressman Tom Rice has introduced the New Economy Works to Guarantee Independence and Growth (NEW GIG) Act. The legislation would clarify provision in the tax code that classify workers as either independent contractors or employees. The bill would also alter the reporting thresholds for both Form 1099-K and Form 1099-MISC. For third party network […]
Ireland recently updated its AEOI FAQs. The only significant change involves updated lists of participant countries for years 2017 and 2018.
The Massachusetts Department of Revenue recently enacted a regulation that places a tax collection obligation on e-commerce sellers which became effective on October 1. Sovos laid out the potential ramifications here. In the last several days, Crutchfield Corp. (an internet and catalog retailer headquartered in Virginia) filed a legal complaint in their local court system […]
The North Carolina Department of Revenue recently released specifications for reporting Form 1042-S information through the eNC3 web portal. These specifications are effective beginning on January 1, 2018, and reporting of Form 1042-S data is due on January 31, 2018 for TY 2017. Please note this is earlier than the federal due date for Form […]
Ohio has released the 2018 due dates for employer withholding for state withholding and local school districts. This includes due dates for monthly, quarterly, and partial-weekly filers. The due dates largely remain the same as 2017’s with some modification for those dates that fall on a weekend or holiday.
Nebraska's Department of Revenue recently published "Important Information for Employers and Payors on Preparing Federal Forms W-2." The guidance document informs payors of the proper format for filing W-2 forms with the state. More importantly, the DOR changed the filing date for 2017 electronic filing of W-2s. The new due date is January 31. A […]
Connecticut released the 2017 Electronic Specifications for Submission of State and Local Government Tax Exempt Bond Interest Information. There are a number of changes from the previous revision: New due date: January 31, 2018 New specifications: A separate “A” record for each fund or bond reported. On the “A” record in positions 26-27, use […]
On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options for effective VAT collection mechanisms and registration systems. […]
On October 13 2017, the Polish Ministry of Finance published a new version of SAF-T structures for VAT-JPK_VAT(3) and announced that transmittals pursuant to the new structure will be required as of January 1, 2018. The new version includes changes to the Heading and Entity identification structures. The new changes in .xsd format are available […]