September 2024 | Issue 15
Comply Connect
Designed to keep you informed on the latest IRS news and updates in information reporting, while also providing valuable insights into what’s on the horizon for the upcoming month.
Coming Up in October
Discover the U.S. information reporting and withholding obligations and Comply announcements that you should keep an eye on in the coming month.
Key IRS Updates
Explore the Key updates provided by the IRS and other tax authorities from the last month you should be aware of.
FATCA & CRS Headlines
Take a look at our breakdown of the latest FATCA & CRS headlines to keep you up to date.
A message from our cEO:
We recently attended the Global RegTech Summit USA conference hosted by FinTech Global, and it reinforced how Comply Exchange operates at the fascinating crossroads of tax and technology. As tax regulations evolve and technology continues to advance, our solutions bridge the gap, ensuring tax compliance is seamless and efficient.
We’re proud to be driving innovation in this space, helping businesses navigate the complexities of tax information reporting with cutting-edge tools and technology. By staying at the forefront of technological advancements, we empower our clients to meet compliance requirements with confidence, reduce risk, and streamline their reporting processes. It’s exciting to see how technology continues to transform the tax landscape, and we’re excited to be part of that journey.
Coming up in October
Ledgible Webinar: Building a 1099 Operating Model for Success
Join Jessalyn Dean, VP of Tax Information Reporting at Ledgible, Wendy Walker, VP Regulatory Affairs at Sovos, and Jessica Metts, Director of Client Services at Comply Exchange, on Tuesday, October 21, 2024, at 2:00pm EDT for a live webinar discussion titled ‘Building a 1099 Operating Model for Success’. If you have not already signed up for the webinar, use the link here to sign up for this informative session.
Bahamas: AEOI Portal
The Bahamas Competent Authority published an update advising that the AEOI portal will be open for FATCA, CRS and CbC reporting from Friday, October 4, 2024, at 9am EST and will close on Friday, January 31, 2025, at 5pm EST.
IRS: Issue Number: 2024-25
On September 25, 2024, the IRS published Issue Number: 2024-25 with a few reminders coming up in October with regards to IDES confirmations and the IRS Public Key.
- Manual IDES confirmations:
- The IRS will be sending manual email notifications of IDES transmissions by October 15, 2024, as previously mentioned in newsletters from July 30, 2024, and September 4, 2024. The email will come directly from lbi.fatca.ides@irs.gov with the subject line “Manual IDES Confirmation”.
- IRS Public Key:
- The IRS Public Key will be updated as scheduled in late October 2024. A message will be published indicating when the new IRS Public Key is available. To download the IRS Public Key, visit www.ides-support.com.
August 2024 Key IRS Updates
IRS: Draft Forms and Instructions
During September, the IRS released the following DRAFT forms and instructions:
IRS: Forms and Instructions
During September, the IRS released the following forms and instructions:
August 2024 FATCA & CRS Headlines
IRS: Issue Number: 2024-23
On September 4, 2024, the IRS published Issue Number: 2024-23 with updates on IDES manual email notifications and reminders for successful IDES filings.
- Updates on IDES manual email notifications:
- The IRS is delaying manual email notifications of IDES transmissions due to systematic issues. The IRS will be sending “Manual Confirmations”. As a reminder, ensure your settings are enabled to receive IDES alerts.
- Reminders for successful IDES filings:
- If you receive “Failed Decompression-Decompression Failed” or “Failed Signature Check-Invalid Digital Signature” errors on your IDES transmission, verify the following:
- Your certificate is uploaded and current on the IDES enrollment website.
- You are following IRS best practices for data preparation and uploads.
- Additional guidance and information can be found in the IRS FATCA Report Notifications Frequently Asked Questions and the IDES User Guide.
- Additional guidance and information can be found in the IRS FATCA Report Notifications Frequently Asked Questions and the IDES User Guide.
IRS: Issue Number: 2024-24
On September 12, 2024, the IRS published Issue Number: 2024-24 regarding FAQ 26 on the FATCA – FAQs General webpage, under the section General Compliance. FAQ 26 provides clarification on the availability of the credit forward framework described in Notice 2010-46, 2010-24 I.R.B. 757, during the transition periods for implementing the section 871(m) regulations.
IRS: Publication 5118
On September 13, 2024, the IRS released Publication 5118 Foreign Account Tax Compliance Act (FATCA) Online Registration User Guide.
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