Regulatory Analysis
The Hawaii Legislature has passed Senate Bill 1007. This bill changes the filing frequency for withholding tax to a uniform quarterly filing frequency. Prior to this bill, only employers with withholding liabilities of $5,000 or less were allowed to file returns quarterly. Despite the change in filing frequency, the payment frequency of withholding taxes remains […]
The British Virgin Islands recently issued a press release extending the reporting deadline for FIs from August 18, 2017 to September 1, 2017. This extension applies to FIs reporting under the CRS and UK CDOT agreements, and is being granted because the BVI Financial Account Reporting System (BVIFARS) is down as a result of a Tropical […]
The D.C Office of Tax & Revenue (OTR) recently published two updates to instructions for annual withholding forms. These instructions are used to properly fill out and file their respective forms. The first set of updated instructions is for Form FR-900A, the Employer/Payer Withholding Tax Annual Return. Generally, the OTR reminds filers they will be […]
Puerto Rico has released 2017 versions of Form SC 2720, Form 499R-2/W-2PR, Form 499R-2c/W-2cPR. While there are some slight changes in wording and updated contact information to the newly released forms, the most significant change is the addition of a new Code F to Form 499R-2/W-2PR. Code F is an exemption code that applies to […]
As part of the implementation of the new Supply of Information System (locally known as SII), the Spanish Tax Administration (AEAT) released an online tool designed to help calculate deadlines for reporting issued and received invoices. On August 9, 2017, the AEAT released an enhancement to that tool that will help calculate deadlines for reporting corrective […]
The Government of Anguilla recently released the first edition of its CRS guidance notes. As noted in the guidance itself, these notes are meant to provide general instruction and information about CRS that are specific to Anguilla. Moreover, these notes provide helpful information to Anguilla’s Financial Institutions to complete their due diligence and reporting obligations […]
This week, US Treasury announced it has signed a Model 1 IGA with Turkmenistan. Previously, Turkmenistan was considered to have an agreement “In-Substance.” The IGA is a 1B type, meaning that the United States will not share tax information with Turkmenistan.
Through an update to its FAQs, IRS announced it will extend the deadline to renew the FFI Agreement from July 31 to October 24. Foreign Financial Institutions in Model 2 or Non-IGA countries are required to sign and adhere to the terms of the Agreement to be considered Participating. Should an FFI not sign the Agreement, […]
Missouri recently announced through their Withholding Tax FAQs that employers with more than 250 employees must file their W-2 forms with Form MO W-3 electronically by January 31, 2018 (for tax year 2017). This announcement advances the due date for W-2 filing by one month to bring the MO due date in line with the federal deadline. For additional […]
The IRS has released its 2018 Draft Form 1098, Mortgage Interest Statement. There have been a number of changes to the form since its previous revision: “RECIPIENT’S/LENDER’S federal identification number” and “PAYER’S/BORROWER’S taxpayer identification no.” fields have been renamed to “RECIPIENT’S/LENDER’S TIN” and “PAYER’S/BORROWER’S TIN” respectively Wording in Box 7 has been changed: “If address […]
The Arizona Department of Revenue has released its 2017 version of Form A1-WP, Payment of Arizona Income Tax Withheld, which withholding agents should file to the Department along with each payment of withholding tax. Only employers who are required to make more than one Arizona withholding payment per calendar year, and who do not pay by […]
The IRS has released its 2017 Draft versions of Forms 1094-B, 1094-C, 1095-B, and 1095-C. There were no changes to Form 1094-B. Form 1094-C had two changes: The removal of selection C, “Section 4980H Transition Relief,” from Line 22, and the removal of column (e) “Section 4980H Transition Relief Indicator” from Part III. There are […]
The Mauritius Revenue Authority has announced an extension of the deadline for Financial Institutions to report under FATCA. The original deadline of July 31 was extended to allow FIs until August 31, 2017 to submit FATCA transmittals to the MRA. The facility for FATCA reporting for the 2016 tax year is available on the MRA’s website, and will […]
The German Federal Central Tax Office (BZSt) has released a FATCA Infobrief that addresses various matters concerning the upcoming filing season. German Financial Institutions are to transmit their FATCA reports no later than August 31, 2017. The BZSt has announced that feedback for FATCA data delivery is not currently possible due to technical difficulties. This […]
The government of Jersey has published amendments to its previously enacted CRS regulations. The amendments relate to Schedule 2 and Schedule 3 of the regulations, which list the early adopter participating jurisdictions and the late adopter participating jurisdictions, respectively. The lists have been revised to reflect the current official OECD list of jurisdictions that have committed to […]
The IRS has released a draft version of 2017’s Form 8966. The Form is intended for certain types of financial institutions to use in lieu of electronic reporting. The Form contains no substantive changes to last year’s edition. This might suggest that there will likely not be many changes to the specifications of the IRS XML […]
Last week, IRS added two FAQs to its IDES Technical FAQ page. Those questions, E23 and E24, concern the use of certificates for reporting via IDES. In particular, the IRS advises that if a filer has a valid certificate from an approved certificate authority, it may chose to continue using even if that authority is no […]
The Inland Revenue Authority of Singapore recently published two updates to their FATCA page. The first update is a reminder that the filing deadline for reporting Singapore FIs passed on May 31, 2017 for the 2016 reporting year. All FIs who have not done so must report 2016 information immediately, and due to the delay […]