Comply Connect

CARF Schemas and User Guides 

On October 2nd, the OECD released the XML Schemas and User Guides to facilitate information exchange between tax authorities under the Crypto-Asset Reporting Framework (CARF) and the updated Common Reporting Standard (CRS). 

These documents outline the reporting requirements established by the CARF and the amended CRS, approved by the OECD in 2023 and endorsed as international standards by the G20 and the Global Forum. Initial exchanges under both frameworks are expected to begin in 2027. 

CARF XML Schema and User Guide. 

Updated CRS XML Schema and User Guide. 

IRS Issue Number 2024-27: List of QI Entities and Branches 

On October 3rd, the IRS announced the release of the initial list of entities and branches with Qualified Intermediary (QI) status. QIs should review the list to ensure their information is accurate. If information is inaccurate, QIs should update their information using the update features on their Qualified Intermediary Application and Account Management System (QAAMS) home page.  

If QIs consider their QAAMS information accurate, but not properly reflected on this list, or they or one or more of their branches should be on the list but are not, they should email the FI Team: LBI.FI.QIWPIssues@irs.gov. This list does not contain WPs or WTs.  

Forbes Technology Council 

On October 2nd, Comply Exchange CEO David Marley was featured in a Forbes Technology Council article, where tech experts discuss how to maximize SaaS investments. In today’s fast-evolving digital landscape, staying ahead with the right tools and strategies is crucial, and David shares insights on making smart SaaS choices. 

Webinar: Best Practices for W-8 and W-9 Management 

On October 29th, Comply Exchange partnered with Sovos for their Tax Year 2024 Readiness Series, featuring a presentation by Jessica Metts, Best Practices for W-8 and W-9 Management. In this session, Jessica spoke to the essentials of collecting, validating, and managing IRS Forms W-8 and W-9, critical for maintaining compliance with IRS reporting and withholding regulations. She walked through the different form types and shared best practices for efficiently managing and maintaining these forms, helping organizations streamline their processes and avoid costly mistakes. If you missed the webinar, it is available on demand here. 

Webinar: Building a 1099 Operating Model for Success 

On October 21st, Comply Exchange’s Director of Client Services, Jessica Metts, was a guest speaker on Ledgible’s webinar alongside industry experts Jessalyn Dean (Ledgible) and Wendy Walker (Sovos). During the session, we shared key strategies for building a successful 1099 operating model and provided practical guidance on how to get started within your organization. Developing an effective operating model requires collaboration across various functions and business lines, so defining roles and scope early on is essential for success. 

If you were unable to attend the full session or would like to revisit any of the topics we covered, you can access the recorded webinar here.