Regulatory Analysis
Minnesota’s Department of Revenue recently updated Minnesota Income Tax Withholding Instruction Booklet and Tax Tables as well as Fact Sheets 2 and 2a. The Instruction Booklet provides general direction for withholding while Fact Sheets 2 and 2a provide more detailed instructions for submitting W-2 and 1099 information, respectively. Most importantly, all three documents have advanced the […]
New Mexico recently updated a published bulletin which details the effective interest rates for late payments on tax due. This bulletin lists the annual and daily percentage rates for the late payment of taxes due, along with a method for calculating daily interest during the applicable period. The annual rate of interest remains unchanged […]
The South Africa Revenue Service (SARS) recently issued a reminder on their main AEOI site that reporting financial institutions (RFIs) may be liable for administrative penalties if they missed the filing deadline of May 31, 2017 for FATCA and CRS reporting. RFIs may be liable for administrative penalties if there is a failure to report in a […]
The IRS has published Frequently Asked Questions regarding the FFI agreement renewal. The deadline for the renewal is July 31, 2017, and the obligation to renew applies to Participating FFIs not covered by an IGA, Reporting FFIs under a Model 2 IGA, and Registered Deemed-Compliant FFIs that are Reporting FFIs under a Model 1 IGA operating branches […]
The Nauru Department of Finance has released information on excluded accounts under the Common Reporting Standard. The newly published regulations provide that dormant accounts will be excluded for the purposes of CRS reporting. The definition of a “dormant account,” in addition to the conditions for ceasing to be classified as dormant, is explained in detail within […]
Curacao’s Ministry of Finance has released FATCA and CRS guidance regarding data specifications for XML transmittals and use of the online financial data exchange portal. The Manual of Automatic Exchange of Information, which provides information for both FATCA and CRS transmittals, has been revised to reflect the following updates: The AccountReport – Payment element has been […]
The British Virgin Island’s Ministry of Finance recently announced an extension for reporting under the Common Reporting Standard (CRS). CRS reporting had previously been due July 31, but a in a June 28 press release, the Ministry announced the due date will be August 18 for reporting 2016 information. CDOT information, now reported as part […]
The IRS has released an updated Publication 1179 for Tax Year 2017. This publication provides guidelines for those who create and provide substitute information returns to follow. There are a few changes from the previous revision: Vendor codes The use of a vendor code is encouraged in place of a form printer EINs […]
The IRS recently published the 2017 version of Form W-2GU, the Guam Wage and Tax Statement. This form is used to report Guam wages, and should not be used to report wages subject to U.S. income tax withholding. While the form itself remains the same, there are minor changes made to the instructions attached […]
The IRS recently released Bulletin No. 2017-26. The bulletin is noteworthy particularly because part of this Bulletin will be repurposed into Publication 1179. Below is a list of the changes the IRS has specifically highlighted for attention: Vendor code. The use of a vendor code is encouraged in place of a form printer EINs. See […]
Filing extended for 1099-MISC Forms reporting non-employee compensation now in line with federal calendar. Delaware recently amended legislation pertaining to information returns, and part of this legislation advances the filing due date for 1099-MISC forms reporting non-employee compensation in Box 7. This brings the filing deadlines in line with the federal calendar. 1099-MISC forms […]
The IRS released an updated FFI Agreement for Financial Institutions with FATCA obligations on December 30, 2016. Those FFIs whose agreements expired at the end of last year, and that wish to retain their GIINs, are required to renew their FFI Agreements. They can do so through the FATCA FFI Registration System. The FFIs will be […]
The IRS has published draft versions of its revised Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting, and instructions for filers of this form. There are a number of significant updates to this form of which filers should be aware: Qualified […]
The South Carolina Department of Revenue recently published Information Letter #17-9, detailing interest rates for overpayments and underpayments relating to withholding tax through September 2017. South Carolina publishes these Information Letters periodically throughout the year, and these letters are the primary method of notifying the taxpaying public about changes in withholding tax interest. The […]
South Carolina recently released an updated Form WH-1601, Withholding Tax Coupon. This form/coupon is used to submit payment to the South Carolina Department of Revenue. This form/coupon also has an electronic counterpart on the South Carolina MYDORWAY online portal for those who make their payments electronically. There was one minor change to the preliminary […]
Virginia has lately released an updated copy of its Electronic Payment Guide. This guide details the instructions necessary to complete an ACH payment to the Department of Taxation. No material changes were made to instructions for filing or paying taxes related to withholding or information returns. Some changes were made to the instructions for […]
Senate Majority Leader Mitch McConnell announced Tuesday afternoon that the Senate would not hold a vote this week on the Better Care Reconciliation Act of 2017, as had been originally planned. Senate leadership cited a need for further revision to the original draft, as five Senators have vowed to vote against the bill in its current form. A […]
The Congressional Budget Office has handed down its report on last week’s discussion draft of the Senate’s Better Care Reconciliation Act of 2017. By the CBO’s estimate, the Senate bill would result in an additional 22 million Americans being uninsured over the next 10 years – on top of the current estimated 28 million who […]