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 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
In January, the OECD published Updated Guidance on Tax Treaties. Due to the many restrictions brought about by COVID-19 during 2020 and now continuing into 2021, the OECD Secretariat issued guidance on the impact of the pandemic on tax treaties - which represents its view on the interpretations of the provisions of these treaties. It is important to remember that the guidance represents the view of the Secretariat on the interpretation of the provisions of tax treaties. This