Regulatory Analysis
The IRS has updated the Form W-9 Instructions. Form W-9 is used by filers to request correct TIN information in order to file information reports with the IRS. There are number of changes to the W-9 Instructions from the previous revision: Form W-9 Instructions Changes Changes made to Payees Exempt From Backup Withholding section […]
Nebraska has released an updated version of Publication 21CM and 21EFW2. These publications are used by those who wish to electronically file 1099s and W2s with Nebraska. The only change from their previous revisions is that the due date for Form W-3N, and all Forms W-2, 1099-MISC, 1099-R, and W-2G showing Nebraska income and withholding […]
Massachusetts recently passed legislation in the Fiscal Year 2018 budget that grants the Commissioner of Revenue the authority to create additional reporting requirements that differ from the federal requirements under the Internal Revenue Code. Using this authority, the Commissioner of Revenue has made changes to the reporting requirement of third party settlement organizations (“TPSOs”) relating […]
Colorado recently released an updated version of FYI General 11: Colorado Civil Tax Penalties and Interest. This publication provides guidance on annual interest rates relating to tax underpayments and penalty information. There was one correction to the publication which involves the daily calculation of interest: the parenthetical that accounts for leap year using 366 […]
Idaho's Tax Commission recently updated their 1099 and W-2 E-Filing Guides. There are no substantive changes to either guide. The Commission reminds filers that Forms 967 and W-2 are due by January 31, and that 1099s are due by February 28; it is possible to submit Forms 967, W-2, and 1099 simultaneously on or before January 31. […]
North Carolina has released the 2017 eNC3 1099 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year. There are some changes from the previous revision: […]
North Carolina has released the 2017 eNC3 W-2 Specifications. These specifications are effective for all submissions made on or after January 1, 2018. Prior year data, original and corrected, must be filed according to these specifications. Additionally, a separate submission is required for each tax year. There are some changes from the previous revision: […]
Canada recently released an updated version of their Form T4A, Statement of Pension, Retirement, Annuity, and Other Income, along with a guide for filling out and submitting Form T4A, Publication RC4157. Form T4A is used by payers to report payments from pensions, annuities, and other similarly situated payment types to the Canadian Revenue Agency. […]
The IRS has updated Form W-9. Form W-9 is used by filers to request correct TIN information in order to file information reports with the IRS. There are number of changes from the previous revision: Form W-9 Changes Box 3 Note has changed “Check the appropriate box in the line above for the tax […]
Canada recently published an updated version of the Statement of Amounts Paid or Credited to Non-Residents of Canada (Form NR4). Form NR4 must be filed by payers who are responsible for withholding and remitting tax under Part XIII withholding for non-resident income earners. While the form and codes remain largely the same from the […]
Montana has released Form MW-3, the Annual W-2/1099 Withholding Tax Reconciliation Form. There were no changes made to the form itself, but as a reminder the due date for filing Forms MW-3, W-2, and 1099 is now January 31 regardless if filing electronically or by paper. To view the new MW-3, please click here.
Puerto Rico has released Publication 17-04, which contains the specifications for Form 499R-2/W-2PR reporting. There are a number of changes from last year’s release: Modified Fields Exempt Salaries Code (Box 16), (RS State Record, positions 442-443). Blank field (RS State Record, positions 444-449), (can be filled with blanks or zeros). Updated Reporting Requirements When […]
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 […]
Lithuania recently released Specifications for CRS reporting. The Specifications establish general reporting principles, provides sample schemas, and details how reports should be structured.
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 […]
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 […]
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).