On August 30, 2021, the IRS published a DRAFT Form W-8BEN and Instructions. Similar to the recently published DRAFT Forms W-8ECI and IMY

On July 2, 2021, the IRS published a DRAFT 2022 Form 1099-DIV. This new form includes the following key changes: The 2022 Form 1099-DIV will be a continuous use form. The FATCA filing requirement checkbox is now Box 11. This caused the following renumbering to occur: OLD Box 11 for reporting exempt-interest dividends from a mutual fund or other Registered Investment Company (RIC) is now NEW Box 12. OLD Box 12 for reporting exempt-interest dividends subject to the alternative

On June 28, 2021, the IRS published a DRAFT Pub. 1179, General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498

Last month, the Department of the Treasury published its Fiscal Year 2022 Revenue Proposals (The Proposals) which impact U.S. federal tax...

On June 3, 2021, the Cayman DITC published an Updates Bulletin that includes details related to the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and Economic Substance (ES) Reporting. In addition to minor reporting updates, the DITC stresses the importance of compliance in this area, as certain defenses previously accepted from FIs will not be allowed this year. FIs should strongly consider revisiting their FATCA and CRS classifications and

On May 17, 2021, The Treasury Inspector General For Tax Administration (TIGTA) published a report titled...

When filers submit U.S. tax or information returns with a missing or incorrect TIN...

With the possibility of penalty notices for 2020 information returns just around the corner...

Don’t forget that filers with an information reporting failure penalty that is due to reasonable cause and not wilful neglect may be able to

Penalties for not filing correct information returns may apply if a filer:

Now that Forms 1099 have been filed for the year, it is time to consider any errors noted and the corrections required.

Comply would like to share a few reminders as we head into the filing season for 2020 Forms 1042 and 1042-S.

On February 23, 2021, the IRS published the 2021 Instructions for Form 1042-S. Follow the link to review these new instructions. Updates include: • Chapter 3 Exemption Code 02. This code is now for income "Exempt under IRC." A new footnote 7 clarifies that exemption code 02 should be used only if no other specific chapter 3 exemption code applies. • Chapter 3 Exemption Code 24. This new code is for income that is "Exempt under Section 892." • Requests for extensions of ti

Reminder! The information return penalties have increased for tax year 2021. Here are the changes from 2020 to 2021.