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Comply Connect – March 2024 – Issue 9

David Marley CEO

Tax technology empowered by AI isn’t just about numbers; it’s the alchemy that transforms complexity into clarity, enabling businesses to navigate the fiscal landscape with precision and insight.  

By harnessing the capabilities of AI in tax technology, organizations unlock new dimensions of efficiency and accuracy. From automating compliance tasks to uncovering strategic insights hidden within vast datasets, AI revolutionizes how we approach taxation. It’s not just a tool; it’s the cornerstone of a smarter, more agile tax function, poised to adapt and thrive in an ever-evolving regulatory environment. 

Simplify. Collect. Comply.

David Marley | CEO


COMING UP IN April 2024:

Form 1042-S Deadline

If you filed for an extension, the Form 1042-S reporting deadline is 4/15.  
It is important to remember that Form W-8 collection and validation plays a significant role in correctly withholding and reporting. Information from Forms W-8 feeds directly into the fields that are required to be reported on Form 1042-S. 

Form W-8EXP (Rev. October 2023)

The IRS released a new Form W-8EXP in October of last year. It is important to keep in mind the sunset period, allowing for a 6-month transition, is coming to an end in April. The sunset period allows for time to transition when getting new form revisions available can take time. 

March 2024 KEY UPDATES:

Form W-9 (Rev. March 2024) 

The Internal Revenue Service (IRS) has issued the latest revision of the Form W-9 (Rev. March 2024). The latest form revision includes two notable changes: 

  • Single-Member LLC removed from the Individual/Sole Proprietor federal tax classification. 
  • Language was added to Line 3a to clarify how disregarded entities should complete the Form W-9: “Note: Check the “LLC” box above and, in the entry space, enter the appropriate code (C, S, or P) for the tax classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check the appropriate box for the tax classification of its owner.” 
  • Line 3b, which appears identical to the draft version, has been incorporated into the final form. This requires flow-through entities to indicate if they have direct or indirect foreign partners, owners, or beneficiaries in order to satisfy any applicable reporting requirements.

You can access the most recent PDF version of the Form W-9 (Rev. March 2024) here, and you can also access the latest Instructions for the Requester of Form W-9 (Rev. March 2024) here. 

Form 1099 Updates 

During March, the IRS released the following Forms 1099 and Instructions: 

The IRS also published Publication 5951 IRS Form 1099-K MYTHS vs FACTS document to help taxpayers understand what to do with Form 1099-K.  

IRS FAQ Updates for QI/WP/WTs 

The IRS issued new FAQ Q23 on the QI/WP/WT FAQ page under the section, Certifications and Periodic Reviews. The FAQ provides guidance to QI/WP/WT entities on administrative exemption from the requirement to electronically file Forms 1042 for calendar years 2024 and 2025.  

The IRS also updated FAQ Q20 to provide guidance on Withholding Foreign Partnership and Withholding Foreign Trust agreement renewals. This FAQ is under the New Applications/2017 Renewals section of the QI/WP/WT FAQs page. 


OECD: Tax Identification Numbers 

The OECD published updated information on Tax Identification Numbers for Argentina and Lativia.  

Anguilla: FATCA and CRS Reporting Deadlines 

The Inland Revenue Department (IRD) of Anguilla published a notice reminding Reporting Financial Institutions (RFIs) that both FATCA and CRS returns are required to be filed with the Competent Authority on or before 31 May 2024.  

Bahamas: Portal Opening and Closing Dates 

The Bahamas Competent Authority published an update on AEOI portal availability for FATCA, CRS, and CbC reporting. The AEOI portal will open on Monday, July 8, 2024, at 9am EST and close on Friday, August 23, 2024, at 5pm EST.  

British Virgin Islands: Updated List of Reportable Jurisdictions 

On March 14, 2024, the International Tax Authority (ITA) of the British Virgin Islands published an updated list of reportable jurisdictions for CRS reporting.  

British Virgin Islands: Live CRS Seminars 

On March 19, 2024, the ITA of the British Virgin Islands published a Notice announcing several upcoming seminars dedicated to assisting persons navigating obligations under the Common Reporting Standard. Each seminar will focus on a different category of entities registered in the BVIFars Portal. The following are a list of tentative dates: 

  • April 24, 2024: Custodial Entities 
  • June 26, 2024: Depository Entities 
  • August 28, 2024: Specified Insurance Entities 
  • November 27, 2024: General (All entity types welcomed)

Cayman Islands: CRS Date of Birth Information 

On March 22, 2024, the Department for International Tax Cooperation (DITC) of the Cayman Islands published an Industry Advisory regarding date of birth information for CRS reporting purposes. The Industry Advisory noted that the DITC reviewed submitted data for the 2022 reporting period and determined that approximately 10 percent of Financial Institutions (FIs) failed to report a date of birth (DOB) for individual account holders and/or controlling persons.  

Although the CRS XML schema marks the DOB element as “(Optional) Mandatory”, for the avoidance of doubt, where an FI holds DOB information within its records, it is required to be included in the return. The DITC will review submitted returns as part of its annual compliance and enforcement activities, with a focus on FIs that fail to report a DOB.  

FIs must ensure the correct DOB is provided for all individual account holders and controlling persons in CRS returns for 2023 reporting period (deadline is 31 July 2024). Failure to include the DOB may result in compliance and enforcement action being taken against the FI. 

United Kingdom: Consultation on CARF and CRS Amendments 

The United Kingdom’s HMRC issued a consultation regarding the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS) regulations. The consultation will run for 12 weeks from 6 March 2024 to 29 May 2024 after which the government will consider the comments made by respondents and will publish a summary of responses. The government will also consult on draft regulations before implementing the new rules. Responses to the consultation and enquiries can be emailed to or sent by post.  

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