Regulatory Analysis
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 […]
Pennsylvania recently released an updated version of Form REV-1667R, Annual Withholding Reconciliation Statement with Instructions. This form is filed with W-2 and 1099 information sent to the Pennsylvania DOR for the purposes of annual reconciliation of submitted records. The biggest change to the updated form is its title: the previous iteration of REV-1667R was known […]
Pennsylvania recently issued a number of General Information Publications for certain information returns, including the 1099-MISC and 1099-R. The General Information & Specifications: 1099-MISC is an updated version of a previous 1099-MISC Overview that was available on the PA DOR website. It contains much of the same information as its predecessor document, including “Who must File”, “Filing […]
New Zealand has released IR1087, FATCA Trusts guidance notes. This guidance is meant to specify how FATCA is applied in New Zealand to trusts that maintain or hold financial accounts. A trust that is a Reporting New Zealand Financial Institution (NFZI) will be required to register with the IRS and will have FATCA due diligence […]
The IRS has released the 2018 Form 1099-CAP and Instructions. This form is used to report information regarding shareholders who receive cash, stock, or other property from an acquisition of control or a substantial change in capital structure. The only change made on the 2018 Form 1099-CAP and Instructions was on Form 1099-CAP, where “CORPORATION’S […]
Wisconsin has released its revised Guide to Wage Statements and Information Returns, Publication 117. All information return statements will now be due by January 31. These statements were previously due February 28, and the advancement of the due date is in line with the due dates for W-2 returns. The change in due dates affects […]
The Kentucky Department of Revenue recently published an updated version of Form 42A806, the Transmitter Report for filing W-2/K-2, 1099, and W-2G Statements. This form is generally submitted with Kentucky paper statements or electronic CD formatted documents in which Kentucky state taxes have been withheld. In addition to formatting updates that change the appearance […]
The IRS recently released the 2018 Form 5498-ESA and Instructions. This form is used to report contributions, including rollover contributions, to any Coverdell ESA. A Coverdell ESA is a trust or custodial account created or organized in the United States for the exclusive purpose of paying the qualified education expenses of an individual who is […]
The IRS has released the 2018 Form 1099-SA, Form 5498-SA and Instructions. Form 1099-SA is used to report distributions from an HSA, Archer MSA, or Medicare Advantage MSA. Form 5498-SA is used to report HSA, Archer MSA, or Medicare Advantage MSA Information. The only changes made were on Form 1099-SA and Form 5498-SA. On Form […]
The IRS has released the 2018 Form 1099-DIV and Instructions. Form 1099-DIV is used to report dividends and distributions. The only changes made were on Form 1099-DIV. On Form 1099-DIV, “PAYER’S federal identification number” and “RECIPIENT’S identification number” are now “PAYER’S TIN” and “RECIPIENT’S TIN.” To view the 2018 Form 1099-DIV and Instructions, please click […]
The Virginia Department of Taxation Updated its Electronic Payment Guide. The Guide has been updated and includes several key changes. Under the electronic filing requirements, please note the following: Use of Form ST-8 is effective for filing periods beginning July 1 to August 20 monthly returns, and October 20 for quarterly returns Use of Form […]
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 […]
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 […]
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 […]
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, […]
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 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.
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 […]