Regulatory Analysis

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Posted August 7, 2017 by Adam Rivera
IRS Releases 2018 Draft Form 1098, Mortgage Interest Statement

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 […]

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Posted August 7, 2017 by Paul Ogawa
Missouri Advances W-2 Filing Due Date for Tax Year 2017

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 […]

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Posted August 7, 2017 by Stephen Kessinger
US Extends Date for FFI Agreement Renewal

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, […]

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Posted August 7, 2017 by Stephen Kessinger
Turkmenistan Signs Model 1 IGA

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. 

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Posted August 3, 2017 by Adam Rivera
IRS Releases 2017 Draft Forms 1094-B, 1094-C, 1095-B, and 1095-C

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 […]

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Posted August 3, 2017 by Tom Hospod
Arizona Releases 2017 Form A1-WP, Payment of Arizona Income Tax Withheld

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 […]

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Posted August 1, 2017 by Alex Samuel
Cook County Resumes Collection of Sweetened Beverage Tax

Cook County Illinois will resume collection of their sweetened beverage tax after a judge lifted a temporary restraining order and dismissed a lawsuit filed by the Illinois Retail Merchants Association preventing implementation of the tax. The sweetened beverage tax consists of a $0.01 tax on each ounce of sweetened beverage sold at retail. Retailers are […]

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Posted August 1, 2017 by Charles Maniace
Massachusetts Proposes Remote Seller Sales Tax Regulation

A few short weeks ago the Massachusetts Department of Revenue enacted and then rescinded Directive 17.1 which was slated to take effect on July 1. The Directive would have imposed a sales tax collection and remittance requirement on remote sellers/internet vendors that provide software (including “cookies”) to Massachusetts customers or use “content distribution networks” located […]

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Posted August 1, 2017 by Ramón Frias
Portugal to Allow Payment of VAT Using Periodic Tax Return

The tax administration of Portugal has issued a new regulation (Portaria 221/2017) that will allow taxpayers to pay the VAT due on imports using Portugal's periodic VAT return. The new measure is expected to enter into effect in two stages: September 1, 2017 for most goods contained in Annex C of the VAT Code (except […]

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Posted August 1, 2017 by Stephen Kessinger
IRS Provides More Guidance on IDES Certificates

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 […]

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Posted August 1, 2017 by Stephen Kessinger
IRS Releases Draft Form 8966

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 […]

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Posted August 1, 2017 by Tom Hospod
Jersey Legislature Amends CRS Regulations to Update Participating Jurisdictions

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 […]

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Posted August 1, 2017 by Tom Hospod
Germany Publishes FATCA Infobrief for Upcoming Filing Season

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 […]

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Posted August 1, 2017 by Tom Hospod
Mauritius Extends FATCA Deadline to August 31

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 […]

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Posted July 31, 2017 by Paul Ogawa
Singapore Publishes FATCA Due Date Reminder and Updates List of Approved Certificate Authorities

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 […]

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Posted July 28, 2017 by Charles Maniace
Expanded Nexus Obligations in Ohio Effective January 1, 2018

Online sellers should take immediate notice. House Bill 49 has been passed by the Ohio legislature, signed by the governor, and is set to take effect on January 1, 2018. Hidden within its depths, the language of the bill creates a rule that imposes a tax collection and remittance obligation (nexus) on sellers who use software or […]

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Posted July 28, 2017 by Jesse Rooney
Arizona Releases Updated Joint Tax Application (JT-1)

Arizona’s Department of Revenue has recently released a revision to its Joint Tax Application, the JT-1.  The Application is used to license a new business or record a change in ownership of a business within the state. The updated Application now has instructions for determining frequency of filing for use in Section C, Box 4 […]

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Posted July 28, 2017 by Charles Riordan
European Union: VAT Decisions for Hungary, U.K.

The Court of Justice of the European Union (CJEU) has issued recent opinions in two cases involving VAT: In Case C-633/15 (London Borough of Eating), the CJEU held that the UK could not apply a condition to an exemption for services related to sporting facilities only on non-profit organizations governed by public law, without also applying the […]

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