IRS Publishes New Technical FAQ on TIN Reporting Format for Tax Year 2017

Sovos
April 24, 2017

 

 

The IRS’s International Data Exchange Service (IDES) has published an answer to a Frequently Asked Question regarding TIN reporting in 2018 – for Tax Year 2017 information.

Beginning in 2018, Model 1 FFIs will no longer be permitted to use nine zeros in place of a U.S. TIN.

Article 6(3)(b) of the Model 1 IGA provides that by January 1, 2017, each Model 1 jurisdiction commits to establishing rules requiring reporting Model 1 FFIs to obtain U.S. TINs for preexisting accounts for reporting with respect to 2017 and later years.

Beginning in January 2018, validations will be updated in order to produce an error notification if a reporting Model 1 FFI reports nine zeros as a TIN for an account holder.

The post IRS Publishes New Technical FAQ on TIN Reporting Format for Tax Year 2017 appeared first on Sovos.

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Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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