On November 8, 2021, the IRS published Revenue Procedure 2021-45, which includes information return penalties for tax year 2022.

On November 15, 2021, the IRS announced the availability of its Form 1042-S Data Integrity Tool.

On November 3, 2021, the IRS published DRAFT Instructions for Form W-7, Application for IRS Individual Taxpayer Identification Number to be

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

On June 10th and 11th, we sponsored and attended the International Tax Withholding & Information Reporting Virtual Conference hosted by

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

We are excited to announce that Comply Exchange will be sponsoring this year’s International Tax Withholding & Information Reporting...

We will be both sponsoring and speaking at the 2021 Tax Reporting & Withholding Conference on April 27th and 28th.

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.

On March 31, 2021, the Cayman DITC posted an Updates Bulletin addressing FATCA, CRS, Economic Substance, and the CbCR Portal Accessibility.

The Comply Exchange E-Forms solution eliminates the need for multiple form solicitation by providing a streamlined 'Dual Certification' pro

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

The BVI Financial Account Reporting System (BVIFARS) Portal is open.

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

Comply is happy to announce Carolyn Luke has joined the team!

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

On January 28, 2021, the IRS published Instructions for Form 5471, which include significant changes.

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